Truist Financial Raises Beacon Roofing Supply (NASDAQ:BECN) Price Target to $95.00

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) had its price target raised by investment analysts at Truist Financial from $85.00 to $95.00 in a report issued on Friday, FlyOnTheWall reports. Truist Financial's target price suggests a potential upside of 11.94% from the stock's current price.

Several other research firms have also recently commented on BECN. StockNews.com started coverage on shares of Beacon Roofing Supply in a research report on Thursday, May 18th. They set a "hold" rating on the stock. Jefferies Financial Group boosted their price target on shares of Beacon Roofing Supply from $75.00 to $88.00 and gave the company a "hold" rating in a research report on Thursday, July 13th. Stephens reduced their price target on shares of Beacon Roofing Supply from $70.00 to $68.00 in a research report on Monday, May 8th. Robert W. Baird lifted their price objective on shares of Beacon Roofing Supply from $76.00 to $95.00 in a report on Monday, July 10th. Finally, Loop Capital lifted their price objective on shares of Beacon Roofing Supply from $76.00 to $84.00 in a report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $83.44.

Get Our Latest Research Report on Beacon Roofing Supply

NASDAQ BECN traded down $0.03 on Friday, reaching $84.87. The company had a trading volume of 97,147 shares, compared to its average volume of 430,053. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.07 and a quick ratio of 1.09. The business has a 50 day moving average of $78.94 and a two-hundred day moving average of $66.41. Beacon Roofing Supply has a fifty-two week low of $50.42 and a fifty-two week high of $87.46. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 16.40 and a beta of 1.65.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last announced its quarterly earnings results on Thursday, May 4th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.06. Beacon Roofing Supply had a net margin of 5.01% and a return on equity of 27.52%. The business had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.78 billion. Analysts forecast that Beacon Roofing Supply will post 6.61 EPS for the current year.

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 8,611 shares of Beacon Roofing Supply stock in a transaction on Monday, June 12th. The shares were sold at an average price of $72.95, for a total value of $628,172.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Christopher Carl Nelson sold 8,611 shares of Beacon Roofing Supply stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $72.95, for a total transaction of $628,172.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Stuart A. Randle sold 10,299 shares of the business's stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $72.43, for a total transaction of $745,956.57. Following the completion of the sale, the director now directly owns 31,417 shares of the company's stock, valued at $2,275,533.31. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,910 shares of company stock worth $1,558,209. Company insiders own 0.95% of the company's stock.

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in Beacon Roofing Supply by 4.0% during the second quarter. Barclays PLC now owns 44,146 shares of the company's stock valued at $3,664,000 after purchasing an additional 1,688 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Beacon Roofing Supply by 4.5% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 621,407 shares of the company's stock valued at $51,564,000 after purchasing an additional 26,762 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Beacon Roofing Supply by 21.0% during the second quarter. Mackenzie Financial Corp now owns 6,891 shares of the company's stock valued at $575,000 after purchasing an additional 1,196 shares in the last quarter. Jackson Creek Investment Advisors LLC raised its position in shares of Beacon Roofing Supply by 6.1% in the second quarter. Jackson Creek Investment Advisors LLC now owns 14,997 shares of the company's stock valued at $1,244,000 after buying an additional 866 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in Beacon Roofing Supply during the second quarter worth about $501,000.

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in 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. It 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.

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