Beacon Roofing (NASDAQ:BECN)The stock’s “outperform” rating was reaffirmed Thursday by stock researchers at Robert W. Baird in a research report issued to clients and investors. The fly reports. They currently have a price target of $66.00 on the stock, up from their previous target of $65.00. Robert W. Baird’s price target would indicate a potential rate of increase of 23.73% from the stock’s current price.
BECN has been the subject of several other investigative reports. Truist Securities raised its price target for shares of Beacon Roofing Supply from $49.00 to $68.00 in a research note on Friday, May 7. Northcoast Research reaffirmed a “neutral” rating on shares of Beacon Roofing Supply in a research note on Wednesday, April 21. Loop Capital raised its price target on shares of Beacon Roofing Supply from $57.00 to $63.00 and advised the stock to buy in a research note on Tuesday, April 20. Royal Bank of Canada raised its price target for shares of Beacon Roofing Supply from $48.00 to $63.00 and gave the stock an “industry performance” rating in a research note on Friday, May 7. Finally, Truist raised their price target on shares of Beacon Roofing Supply from $49.00 to $68.00 in a research note on Friday, May 7. Five stock research analysts have rated the stock with a hold rating and seven have issued a buy recommendation to the company. Beacon Roofing Supply currently has an average rating of “Buy” and an average price target of $54.23.
Shares of NASDAQ BECN opened at $53.34 on Thursday. Beacon Roofing Supply has a 12-month low of $26.52 and a 12-month high of $60.93. The stock has a market cap of $3.73 billion, a P/E ratio of -19.26 and a beta of 2.02. The company has a quick ratio of 1.24, a current ratio of 2.04 and a debt-to-equity ratio of 1.34. The company has a simple 50-day moving average of $55.47.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly results on Thursday, May 6. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.22. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.32 billion. Beacon Roofing Supply had a negative net margin of 2.41% and a positive return on equity of 16.33%. As a group, equity research analysts expect Beacon Roofing Supply to achieve 3.75 earnings per share for the current fiscal year.
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix bought 563,611 shares of Beacon Roofing Supply stock in a transaction dated Thursday, April 29. The shares were purchased at an average cost of $53.23 per share, for a total transaction of $30,001,013.53. The transaction was disclosed in a filing with the SEC, which can be accessed at: this hyperlink. Insider Clement Munroe Best III also sold 4,000 shares of the firm in a transaction dated Friday, April 16. The stock was sold at an average price of $57.00, for a total transaction of $228,000.00. Following the closing of the transaction, the insider now owns 56,002 shares in the company, valued at $3,192,114. The disclosure for this sale can be found here. 1.00% of the shares are owned by company insiders.
A number of major investors have recently adapted their holdings to BECN. The PNC Financial Services Group Inc. increased its stake in Beacon Roofing Supply by 287.5% during the 1st quarter. The PNC Financial Services Group Inc. now owns 775 shares of the company worth $41,000, having bought an additional 575 shares during the period. Arlington Partners LLC acquired a new position in Beacon Roofing Supply worth approximately $88,000 in the first quarter. One Wealth Advisors LLC acquired a new position in Beacon Roofing Supply worth approximately $207,000 in the first quarter. Connable Office Inc. acquired a new position in shares of Beacon Roofing Supply worth approximately $225,000 in the first quarter. Finally, Amalgamated Bank acquired a new position in Beacon Roofing Supply stock worth approximately $230,000 in Q1.
Beacon Roofing Supply Company Profile
Beacon Roofing Supply, Inc., along with its subsidiaries, distributes residential and non-residential roofing materials and ancillary construction products to contractors, home builders, building owners and retailers. The company’s residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulation, metal roofing, felt, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edging and flashings, prefabricated flashings, ridges and vents, and solar systems.
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