Analysts Set Beacon Roofing Supply, Inc. (BECN) Target Price at $56.91

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) have received a consensus recommendation of “Buy” from the twelve brokerages that are currently covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $56.91.

BECN has been the topic of a number of research reports. Wells Fargo & Company initiated coverage on Beacon Roofing Supply in a research report on Wednesday, October 18th. They set a “market perform” rating and a $58.00 price target on the stock. Northcoast Research upgraded Beacon Roofing Supply from a “neutral” rating to a “buy” rating and set a $53.00 price target on the stock in a research report on Friday, August 25th. SunTrust Banks reiterated a “buy” rating on shares of Beacon Roofing Supply in a research report on Tuesday, September 12th. Royal Bank of Canada reiterated a “buy” rating and set a $53.00 price target on shares of Beacon Roofing Supply in a research report on Tuesday, October 10th. Finally, Jefferies Group upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and increased their price target for the stock from $50.00 to $54.00 in a research report on Friday, August 25th.

In related news, CEO Paul Isabella sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $60.57, for a total value of $2,422,800.00. Following the sale, the chief executive officer now directly owns 172,046 shares in the company, valued at approximately $10,420,826.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Ross D. Cooper sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $59.75, for a total value of $119,500.00. Following the completion of the sale, the executive vice president now owns 7,056 shares in the company, valued at $421,596. The disclosure for this sale can be found here. 0.75% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Beacon Roofing Supply by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 4,892,191 shares of the company’s stock valued at $239,718,000 after acquiring an additional 46,661 shares during the period. BlackRock Inc. increased its position in Beacon Roofing Supply by 1.2% in the 2nd quarter. BlackRock Inc. now owns 4,069,752 shares of the company’s stock valued at $199,416,000 after acquiring an additional 47,779 shares during the period. Dimensional Fund Advisors LP increased its position in Beacon Roofing Supply by 3.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,505,823 shares of the company’s stock valued at $128,424,000 after acquiring an additional 93,832 shares during the period. TimesSquare Capital Management LLC increased its position in Beacon Roofing Supply by 108.4% in the 3rd quarter. TimesSquare Capital Management LLC now owns 2,362,015 shares of the company’s stock valued at $121,053,000 after acquiring an additional 1,228,625 shares during the period. Finally, Lord Abbett & CO. LLC increased its position in Beacon Roofing Supply by 10.4% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,873,615 shares of the company’s stock valued at $91,807,000 after acquiring an additional 176,659 shares during the period.

Beacon Roofing Supply (NASDAQ BECN) traded down $0.07 during trading hours on Friday, reaching $61.95. The company’s stock had a trading volume of 542,722 shares, compared to its average volume of 531,681. The company has a current ratio of 2.06, a quick ratio of 1.35 and a debt-to-equity ratio of 0.42. Beacon Roofing Supply has a 52 week low of $39.57 and a 52 week high of $64.88. The company has a market cap of $4,190.00, a P/E ratio of 28.75, a PEG ratio of 0.81 and a beta of 1.49.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Monday, November 20th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.01). The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.26 billion. Beacon Roofing Supply had a return on equity of 9.09% and a net margin of 2.30%. The company’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 EPS. analysts anticipate that Beacon Roofing Supply will post 3.08 earnings per share for the current fiscal year.

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About Beacon Roofing Supply

Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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