Weekly Research Analysts’ Ratings Updates for Beacon Roofing Supply (BECN)

Posted by Mickey Rousseau on Apr 17th, 2024

Several analysts have recently updated their ratings and price targets for Beacon Roofing Supply (NASDAQ: BECN):

4/16/2024 – Beacon Roofing Supply was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
4/11/2024 – Beacon Roofing Supply had its price target raised by analysts at BMO Capital Markets from $95.00 to $120.00. They now have an “outperform” rating on the stock.
4/8/2024 – Beacon Roofing Supply was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
4/1/2024 – Beacon Roofing Supply had its price target raised by analysts at Loop Capital from $110.00 to $115.00. They now have a “buy” rating on the stock.
2/29/2024 – Beacon Roofing Supply was upgraded by analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating. They now have a $115.00 price target on the stock, up previously from $99.00.
2/28/2024 – Beacon Roofing Supply was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
2/27/2024 – Beacon Roofing Supply was upgraded by analysts at TheStreet from a “c” rating to a “b-” rating.

Beacon Roofing Supply Stock Down 1.5 %

Shares of Beacon Roofing Supply stock traded down $1.45 on Wednesday, hitting $93.18. The company had a trading volume of 527,295 shares, compared to its average volume of 716,812. The stock has a market capitalization of $5.91 billion, a price-to-earnings ratio of -198.26 and a beta of 1.63. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85. Beacon Roofing Supply, Inc. has a 1 year low of $56.94 and a 1 year high of $102.83. The stock has a 50 day moving average of $91.18 and a 200-day moving average of $84.21.

Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) last posted its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.22). Beacon Roofing Supply had a return on equity of 26.95% and a net margin of 4.74%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the company earned $1.18 EPS. The business’s revenue was up 16.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Beacon Roofing Supply, Inc. will post 7.85 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

In other news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the sale, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the sale, the executive vice president now owns 176 shares in the company, valued at approximately $16,521.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the completion of the sale, the insider now directly owns 10,531 shares in the company, valued at approximately $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several hedge funds have recently bought and sold shares of BECN. Morgan Stanley boosted its stake in shares of Beacon Roofing Supply by 467.9% in the 4th quarter. Morgan Stanley now owns 1,313,406 shares of the company’s stock valued at $69,335,000 after purchasing an additional 1,082,141 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Beacon Roofing Supply by 19.3% during the third quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock valued at $434,118,000 after buying an additional 909,819 shares during the last quarter. Norges Bank purchased a new position in shares of Beacon Roofing Supply in the fourth quarter worth about $59,850,000. JPMorgan Chase & Co. boosted its holdings in Beacon Roofing Supply by 301.1% during the 1st quarter. JPMorgan Chase & Co. now owns 849,092 shares of the company’s stock valued at $49,969,000 after acquiring an additional 637,420 shares during the period. Finally, Royal Bank of Canada increased its stake in Beacon Roofing Supply by 102.2% in the 4th quarter. Royal Bank of Canada now owns 765,829 shares of the company’s stock worth $66,642,000 after purchasing an additional 387,060 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.