Truist Securities Increases Beacon Roofing Supply (NASDAQ:BECN) Price Target to $68.00
Roofing Beacon Supply (NASDAQ: BECN) raised its price target by Truist Securities from $ 49.00 to $ 68.00 in a report released on Friday, Stock adviser reports. Truist Securities’ price target would indicate a potential 12.45% increase over the stock’s previous close.
BECN has been the subject of a number of other reports. Stifel Nicolaus started on Monday, March 15 in a report reporting on shares of Beacon Roofing Supply. They gave a ‘buy’ rating and a target price of $ 61.00 on the stock. Truist raised their price target for Beacon Roofing Supply from $ 49.00 to $ 68.00 in a research note on Friday. Royal Bank of Canada increased their target price on Beacon Roofing Supply from $ 48.00 to $ 63.00 and gave the company a “industry performance” rating in a report on Friday. Wolfe Research started reporting on shares of Beacon Roofing Supply in a research report on Monday, March 22. They issued a peer perform rating on the stock. And last but not least, Zacks Investment Research lowered Beacon Roofing Supply’s stock from a “buy” rating to a “hold” rating and set a price target of $ 45.00 for the company. in an investigative report on Friday, Jan. 22. Six stock research analysts rated the stock with a hold rating and eight assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $ 52.14.
Shares of NASDAQ: BECN Traded $ 1.46 on Friday and hit $ 60.47. 19,657 shares of the company were exchanged, compared to the average volume of 400,885. The company’s 50-day moving average is $ 54.57 and its 200-day moving average is $ 44.52. The company has a market cap of $ 4.20 billion, a PE ratio of -36.65 and a beta of 1.97. Beacon Roofing Supply has a 1-year low of $ 17.05 and a 1-year high of $ 59.09. The company has a debt to equity ratio of 1.56, a quick ratio of 1.25 and a current ratio of 1.82.
Beacon Roofing Supply (NASDAQ: BECN) last released its quarterly results on Sunday, February 7. The company reported $ 1.15 EPS for the quarter, beating Thomson Reuters consensus estimate of $ 0.60 by $ 0.55. The company had sales of $ 1.83 billion for the quarter, compared to analyst estimates of $ 1.70 billion. Beacon Roofing Supply had a negative net margin of 1.16% and a positive return on equity of 10.89%. The company’s sales increased 9.0% year-on-year. In the same period last year, the company posted earnings per share of $ 0.36. On average, analysts expect Beacon Roofing Supply to earn 2.97 earnings per share for the current fiscal year.
In other news, EVP Christopher Anthony Harrison sold 20,415 shares of the company in a transaction on Wednesday, February 10. The stock sold at an average price of $ 45.33, for a total value of $ 925,411.95. Upon closing of the transaction, the executive vice president now directly owns 39,194 shares of the company’s stock, valued at $ 1,776,664.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed at this hyperlink. Insider Jason L. Taylor sold 3,387 shares of the company in a transaction on Thursday, March 11. The shares were sold at an average price of $ 53.21, for a total value of $ 180,222.27. Upon the completion of the sale, the insider now owns 8,804 shares in the company, valued at $ 468,460.84. The disclosure for this sale can be found here. Insiders sold 76,520 shares of the company worth $ 3,660,984 in the quarter. Company insiders own 1.40% of the company’s stock.
Several institutional investors have recently increased or decreased their interest in BECN. The PNC Financial Services Group Inc. its stake in shares of Beacon Roofing Supply grew by 287.5% during the first quarter. The PNC Financial Services Group Inc. now owns 775 shares of the company worth $ 41,000 after purchasing an additional 575 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Beacon Roofing Supply worth approximately $ 45,000 in the 4th quarter. Arlington Partners LLC purchased a new stake in Beacon Roofing Supply worth approximately $ 88,000 in the first quarter. Convergence Investment Partners LLC acquired a new position in Beacon Roofing Supply worth $ 134,000 in the 4th quarter. Finally, Contravisory Investment Management Inc. a new position in shares of Beacon Roofing Supply worth $ 165,000 in the 4th quarter.
Beacon Roofing Supply Company Profile
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials and additional construction products to contractors, home builders, building owners and retailers. The company’s residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail insulation, metal roofing, felt, synthetic underlayment, wood clapboards and shakes, nails and fasteners, metal edging and flashings, prefabricated flashings, backings and cove openings and solar systems.
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