Beacon Roofing Supply (BECN) Reaches New 52-Week High at $65.78

Beacon Roofing Supply, Inc. (NASDAQ:BECN) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $65.78 and last traded at $64.69, with a volume of 616000 shares. The stock had previously closed at $63.76.

Several research firms have commented on BECN. Wells Fargo & Co began coverage on Beacon Roofing Supply in a report on Wednesday, October 18th. They set a “market perform” rating and a $58.00 price objective on the stock. SunTrust Banks restated a “buy” rating on shares of Beacon Roofing Supply in a report on Tuesday, September 12th. Royal Bank of Canada restated a “buy” rating and set a $53.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, October 10th. Wedbush restated a “neutral” rating and set a $46.00 price objective (down from $52.00) on shares of Beacon Roofing Supply in a report on Friday, November 17th. Finally, KeyCorp restated a “buy” rating and set a $56.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, September 12th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $56.91.

The stock has a market capitalization of $4,450.00, a price-to-earnings ratio of 39.45, a PEG ratio of 0.83 and a beta of 1.49. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.35 and a current ratio of 2.06.

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

In related news, EVP Ross D. Cooper sold 2,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total transaction of $119,500.00. Following the transaction, the executive vice president now directly owns 7,056 shares in the company, valued at approximately $421,596. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Paul Isabella sold 40,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 172,046 shares in the company, valued at $10,420,826.22. The disclosure for this sale can be found here. Company insiders own 0.75% of the company’s stock.

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

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Beacon Roofing Supply Company Profile

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.

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