Royal Bank of Canada Issues Positive Forecast for Beacon Roofing Supply (NASDAQ:BECN) Stock Price

Beacon Roofing Supply (NASDAQ:BECN) had its price objective hoisted by investment analysts at Royal Bank of Canada from $113.00 to $114.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 22.13% from the stock’s current price.

BECN has been the topic of a number of other reports. Benchmark reiterated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research report on Friday. Stephens decreased their price objective on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Finally, Robert W. Baird increased their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $115.00.

Beacon Roofing Supply Stock Up 1.4 %

Shares of NASDAQ BECN opened at $93.34 on Friday. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of 15.96 and a beta of 1.55. Beacon Roofing Supply has a 52 week low of $71.48 and a 52 week high of $105.42. The firm has a 50-day moving average price of $88.96 and a 200 day moving average price of $92.20. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $2.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.08). The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.78 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.64%. Equities research analysts anticipate that Beacon Roofing Supply will post 7.37 EPS for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of the business’s 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 completion of the transaction, the insider now owns 9,131 shares of the company’s stock, valued at $821,790. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Beacon Roofing Supply news, CFO Prithvi Gandhi acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average price of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the acquisition, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $411,450. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the company’s 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 completion of the transaction, the insider now owns 9,131 shares of the company’s stock, valued at $821,790. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Institutional Trading of Beacon Roofing Supply

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capstone Investment Advisors LLC purchased a new position in shares of Beacon Roofing Supply during the 1st quarter worth about $1,664,000. Acadian Asset Management LLC raised its stake in Beacon Roofing Supply by 15.3% during the first quarter. Acadian Asset Management LLC now owns 374,276 shares of the company’s stock worth $36,671,000 after purchasing an additional 49,634 shares during the period. Boston Partners raised its stake in Beacon Roofing Supply by 79.6% during the first 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 period. Blair William & Co. IL purchased a new stake in shares of Beacon Roofing Supply during the 1st quarter valued at $644,000. Finally, Bayesian Capital Management LP acquired a new stake in shares of Beacon Roofing Supply during the 1st quarter worth $572,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

About Beacon Roofing Supply

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.