Beacon Roofing Supply (NASDAQ:BECN) Sets New 12-Month High at $97.28

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $97.28 and last traded at $96.95, with a volume of 517675 shares changing hands. The stock had previously closed at $95.05.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research note on Thursday, January 11th. William Blair upgraded Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research note on Monday, January 8th. Stifel Nicolaus increased their price target on shares of Beacon Roofing Supply from $115.00 to $119.00 and gave the stock a “buy” rating in a report on Tuesday, December 19th. Robert W. Baird raised shares of Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $99.00 to $115.00 in a report on Thursday, February 29th. Finally, StockNews.com raised shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Beacon Roofing Supply has an average rating of “Moderate Buy” and an average target price of $94.45.

Beacon Roofing Supply Trading Up 3.1 %

The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85. The business’s 50-day simple moving average is $86.86 and its 200 day simple moving average is $81.96.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the business earned $1.18 earnings per share. The firm’s revenue was up 16.8% on a year-over-year basis. As a group, sell-side analysts predict that Beacon Roofing Supply, Inc. will post 7.87 EPS for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 1,805 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total value of $171,475.00. Following the transaction, the insider now owns 10,531 shares in the company, valued at $1,000,445. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Morgan Stanley lifted its stake in Beacon Roofing Supply by 467.9% in the fourth quarter. Morgan Stanley now owns 1,313,406 shares of the company’s stock worth $69,335,000 after acquiring an additional 1,082,141 shares during the period. Vanguard Group Inc. lifted its position in 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 period. Frontier Capital Management Co. LLC lifted its position in Beacon Roofing Supply by 40.3% during the second quarter. Frontier Capital Management Co. LLC now owns 2,417,307 shares of the company’s stock valued at $200,588,000 after buying an additional 694,876 shares during the period. Norges Bank purchased a new position in Beacon Roofing Supply during the fourth quarter valued at $59,850,000. Finally, JPMorgan Chase & Co. lifted its position in Beacon Roofing Supply by 301.1% during the first quarter. JPMorgan Chase & Co. now owns 849,092 shares of the company’s stock valued at $49,969,000 after buying an additional 637,420 shares during the period. Institutional investors own 98.45% of the company’s stock.

About Beacon Roofing Supply

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.