Traders Buy Beacon Roofing Supply (BECN) on Weakness Following Analyst Downgrade
Traders bought shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) on weakness during trading on Monday after Citigroup lowered their price target on the stock from $65.00 to $60.00. $32.98 million flowed into the stock on the tick-up and $19.47 million flowed out of the stock on the tick-down, for a money net flow of $13.51 million into the stock. Of all stocks tracked, Beacon Roofing Supply had the 33rd highest net in-flow for the day. Beacon Roofing Supply traded down ($0.48) for the day and closed at $54.59
BECN has been the subject of a number of other reports. Zacks Investment Research lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 22nd. Jefferies Group restated a “buy” rating and set a $73.00 price objective on shares of Beacon Roofing Supply in a research report on Wednesday, January 17th. BidaskClub lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Royal Bank of Canada restated an “outperform” rating and set a $63.00 price objective (up from $62.00) on shares of Beacon Roofing Supply in a research report on Tuesday, November 21st. Finally, Wells Fargo & Co assumed coverage on Beacon Roofing Supply in a research report on Wednesday, October 18th. They set a “market perform” rating and a $58.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $60.45.
In other news, EVP Ross D. Cooper sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total transaction of $119,500.00. Following the completion of the sale, the executive vice president now directly owns 7,056 shares of the company’s stock, valued at approximately $421,596. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Paul Isabella sold 40,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 172,046 shares of the company’s stock, valued at $10,420,826.22. The disclosure for this sale can be found here. 0.77% of the stock is owned by company insiders.
The company has a debt-to-equity ratio of 0.42, a current ratio of 2.06 and a quick ratio of 1.35. The stock has a market capitalization of $3,700.00, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 1.03 and a beta of 1.35.
Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.14. Beacon Roofing Supply had a return on equity of 10.15% and a net margin of 3.29%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period last year, the business earned $0.56 EPS. The business’s quarterly revenue was up 12.0% on a year-over-year basis. equities analysts anticipate that Beacon Roofing Supply, Inc. will post 3.57 EPS for the current fiscal year.
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About Beacon Roofing Supply
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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