Beacon Roofing Supply (BECN) PT Set at $66.00 by Royal Bank of Canada

Beacon Roofing Supply (NASDAQ:BECN) has been given a $66.00 target price by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Friday. The brokerage currently has a “buy” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 14.90% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Citigroup dropped their price objective on shares of Beacon Roofing Supply from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday. Zacks Investment Research lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Monday, January 22nd. Jefferies Group reiterated a “buy” rating and set a $73.00 price objective on shares of Beacon Roofing Supply in a report on Wednesday, January 17th. KeyCorp reiterated a “buy” rating and set a $56.00 price objective on shares of Beacon Roofing Supply in a report on Sunday, October 15th. Finally, Robert W. Baird reiterated an “outperform” rating and set a $70.00 price objective (up previously from $55.00) on shares of Beacon Roofing Supply in a report on Tuesday, November 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. Beacon Roofing Supply presently has a consensus rating of “Buy” and a consensus target price of $59.91.

Shares of Beacon Roofing Supply (BECN) traded up $2.35 during midday trading on Friday, hitting $57.44. 317,599 shares of the stock traded hands, compared to its average volume of 649,160. Beacon Roofing Supply has a 52-week low of $39.57 and a 52-week high of $66.47. The firm has a market capitalization of $3,740.00, a price-to-earnings ratio of 34.76, a P/E/G ratio of 1.20 and a beta of 1.35. The company has a quick ratio of 1.35, a current ratio of 2.06 and a debt-to-equity ratio of 0.42.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.14. Beacon Roofing Supply had a net margin of 2.30% and a return on equity of 9.09%. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the business earned $0.56 earnings per share. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. sell-side analysts forecast that Beacon Roofing Supply will post 3.22 earnings per share for the current fiscal year.

In related news, EVP Ross D. Cooper sold 2,000 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $59.75, for a total value of $119,500.00. Following the sale, the executive vice president now owns 7,056 shares in the company, valued at approximately $421,596. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul Isabella sold 40,000 shares of the company’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $60.57, for a total transaction of $2,422,800.00. Following the completion of the sale, the chief executive officer now owns 172,046 shares in the company, valued at approximately $10,420,826.22. The disclosure for this sale can be found here. Corporate insiders own 0.77% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lord Abbett & CO. LLC grew 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 worth $91,807,000 after purchasing an additional 176,659 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in Beacon Roofing Supply by 9.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 402,011 shares of the company’s stock worth $20,604,000 after purchasing an additional 35,141 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Beacon Roofing Supply in the 2nd quarter worth about $312,000. Point72 Asset Management L.P. bought a new stake in Beacon Roofing Supply in the 3rd quarter worth about $9,688,000. Finally, Skylands Capital LLC grew its position in Beacon Roofing Supply by 1,144.0% in the 3rd quarter. Skylands Capital LLC now owns 206,500 shares of the company’s stock worth $10,583,000 after purchasing an additional 189,900 shares in the last quarter.

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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.

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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