Beacon Roofing Supply (NASDAQ:BECN) Given New $120.00 Price Target at Robert W. Baird

Beacon Roofing Supply (NASDAQ:BECN) had its price objective upped by Robert W. Baird from $115.00 to $120.00 in a report published on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages also recently commented on BECN. Royal Bank of Canada lowered their target price on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Stephens reduced their target price on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $114.33.

Beacon Roofing Supply Price Performance

BECN opened at $95.60 on Wednesday. The company has a fifty day moving average price of $87.11 and a two-hundred day moving average price of $92.62. The firm has a market capitalization of $6.08 billion, a PE ratio of -151.75 and a beta of 1.55. Beacon Roofing Supply has a 52 week low of $68.50 and a 52 week high of $105.42. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.09 and a current ratio of 1.90.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the firm earned $2.66 earnings per share. As a group, analysts anticipate that Beacon Roofing Supply will post 7.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the sale, the insider now directly owns 9,131 shares in the company, valued at $821,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction on Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the sale, the insider now directly owns 9,131 shares in the company, valued at approximately $821,790. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the transaction, the executive vice president now owns 320 shares of the company’s stock, valued at approximately $27,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Beacon Roofing Supply by 14.1% in the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock valued at $689,814,000 after buying an additional 872,216 shares in the last quarter. Boston Partners increased its stake in shares of Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after purchasing an additional 569,627 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Beacon Roofing Supply by 6.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 811,047 shares of the company’s stock valued at $73,400,000 after purchasing an additional 49,040 shares during the period. Goldman Sachs Group Inc. lifted its stake in Beacon Roofing Supply by 11.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 602,287 shares of the company’s stock valued at $52,411,000 after purchasing an additional 62,690 shares during the last quarter. Finally, Driehaus Capital Management LLC bought a new position in Beacon Roofing Supply during the second quarter worth about $39,606,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.