Beacon Roofing Supply (NASDAQ:BECN) Given New $113.00 Price Target at Royal Bank of Canada

Beacon Roofing Supply (NASDAQ:BECN) had its price objective reduced by Royal Bank of Canada from $119.00 to $113.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts have also weighed in on BECN. Benchmark began coverage on Beacon Roofing Supply in a report on Thursday, April 18th. They issued a buy rating and a $135.00 price objective for the company. Truist Financial lifted their target price on Beacon Roofing Supply from $90.00 to $95.00 and gave the company a hold rating in a research note on Friday, May 3rd. Robert W. Baird decreased their target price on Beacon Roofing Supply from $117.00 to $115.00 and set an outperform rating for the company in a research note on Friday. BMO Capital Markets lifted their target price on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an outperform rating in a research note on Thursday, April 11th. Finally, StockNews.com downgraded Beacon Roofing Supply from a buy rating to a hold rating in a research note on Monday, May 6th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $111.00.

Beacon Roofing Supply Price Performance

Shares of Beacon Roofing Supply stock opened at $85.40 on Friday. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.87 and a quick ratio of 1.02. Beacon Roofing Supply has a fifty-two week low of $68.50 and a fifty-two week high of $105.42. The business has a 50-day moving average price of $95.34 and a 200 day moving average price of $92.72.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.47). The firm had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.69 billion. Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 25.83%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.66 earnings per share. On average, analysts predict that Beacon Roofing Supply will post 7.79 EPS for the current fiscal year.

Insider Transactions at Beacon Roofing Supply

In other news, EVP Christopher Carl Nelson sold 2,955 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $91.11, for a total transaction of $269,230.05. Following the completion of the transaction, the executive vice president now directly owns 320 shares in the company, valued at $29,155.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Institutional investors have recently added to or reduced their stakes in the company. Quantedge Capital Pte Ltd acquired a new stake in Beacon Roofing Supply in the fourth quarter worth approximately $2,498,000. Teacher Retirement System of Texas lifted its position in Beacon Roofing Supply by 87.1% in the fourth quarter. Teacher Retirement System of Texas now owns 49,733 shares of the company’s stock worth $4,328,000 after purchasing an additional 23,149 shares during the period. National Bank of Canada FI acquired a new stake in Beacon Roofing Supply in the fourth quarter worth approximately $2,439,000. Capstone Investment Advisors LLC acquired a new stake in Beacon Roofing Supply in the first quarter worth approximately $1,664,000. Finally, Benson Investment Management Company Inc. acquired a new stake in Beacon Roofing Supply in the first quarter worth approximately $3,807,000. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.