Beacon Roofing Supply (NASDAQ: BECN) The price target was raised from $ 49.00 to $ 68.00 by investment analysts at Truist in a report released on Friday, reports The Fly. Truist’s price target would represent a potential 13.66% gain over the company’s current price.
A number of other equity analysts have also commented on the company. BMO Capital Markets raised Beacon Roofing Supply from a “Market Perform” rating to an “Outperform” rating in a research note on Tuesday, February 9, and raised its price target for the company from USD 47.00 to 53.00 USD raised. Longbow Research upgraded Beacon Roofing Supply from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 26th, and set a price target of $ 60.00 for the company. Stifel Nicolaus reported on Beacon Roofing Supply in a research note on Monday March 15th. They set a Buy recommendation and a target price of $ 61.00 for the company. Wolfe Research began reporting on Beacon Roofing Supply in a Research Note on Monday March 22nd. You set a “Peer Perform” rating for the company. Finally, the Royal Bank of Canada raised its target price for Beacon Roofing Supply from USD 48.00 to USD 63.00 and gave the company a “sector performance” rating in a research note on Friday. Six research analysts have given the share a hold rating and eight with a buy rating. The company currently has an average rating of “Buy” and a consensus target of $ 50.92.
Shares of NASDAQ: BECN traded around $ 0.82 during Friday’s trading, to hit $ 59.83. 15,609 shares of the company were exchanged, compared with an average volume of 400,885. The company has a leverage ratio of 1.56, a current rate of 1.82, and a fast rate of 1.25. Beacon Roofing Supply has a 52-week low of $ 17.05 and a 52-week high of $ 59.09. The company’s 50-day simple moving average is $ 54.57 and the company’s 200-day simple moving average is $ 44.52. The company has a market cap of $ 4.15 billion, value for money of -36.26, and a beta of 1.97.
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Beacon Roofing Supply (NASDAQ: BECN) last released its results on Sunday, February 7th. The company reported earnings per share for the quarter of $ 1.15, beating the consensus estimate of $ 0.60 by $ 0.55. Beacon Roofing Supply achieved a positive return on equity of 10.89% and a negative net margin of 1.16%. The company had revenue of $ 1.83 billion for the quarter, compared to analysts’ expectations of $ 1.70 billion. For the same quarter last year, the company posted earnings of $ 0.36 per share. The company’s turnover increased by 9.0% compared to the previous year. On average, sell-side analysts expect Beacon Roofing Supply to post an EPS of 2.97 for the current fiscal year.
In related news, COO C Eric Swank sold 31,463 shares in the company in a transaction that occurred on Friday, February 12. The stock sold at an average price of $ 47.21 for a total transaction of $ 1,485,368.23. Upon completion of the sale, the Chief Operating Officer now directly holds 50,096 shares in the company valued at approximately $ 2,365,032.16. The sale was announced in a filing with the Securities & Exchange Commission, available via this hyperlink. Insider Jason L. Taylor also sold 3,387 shares in the company on Thursday, March 11. The stock sold at an average price of $ 53.21 for a total value of $ 180,222.27. Following the sale, the Insider now directly holds 8,804 shares in the company valued at $ 468,460.84. The disclosure for this sale can be found here. Insiders have sold a total of 76,520 shares in the company over the past three months, valued at $ 3,660,984. 1.40% of the shares are owned by company insiders.
Several hedge funds recently changed their holdings in BECN. Norges Bank acquired a new stake in Beacon Roofing Supply valued at approximately $ 27,769,000 in the fourth quarter. FMR LLC increased its stake in Beacon Roofing Supply by 175.1% in the first quarter. FMR LLC now owns 550,230 shares of the company valued at $ 17,695,000 after purchasing an additional 350,228 shares during the reporting period. Wedge Capital Management LLP NC acquired a new position in Beacon Roofing Supply for $ 14,625,000 in the first quarter. BlackRock Inc. increased its stake in Beacon Roofing Supply 6.4% in the fourth quarter. BlackRock Inc. now owns 4,109,745 shares in the company valued at $ 165,170,000 after acquiring an additional 247,085 shares during the period. Finally, Branch DiMenna Associates LLC acquired a new position in Beacon Roofing Supply for $ 9,649,000 in the fourth quarter.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, through its subsidiaries, distributes residential and non-residential roofing materials and ancillary construction products to contractors, builders, home builders and retailers. The company’s residential roofing products include asphalt shingles, synthetic slate and brick, clay and concrete tile, slate, nail base insulation, metal roofing, felt, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edging and siding, pre-made moldings, ridges and Reveal openings as well as solar systems.
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