Beacon Roofing Supply (NASDAQ:BECN) Shares Gap Down Following Insider Selling

Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $94.49, but opened at $88.79. Beacon Roofing Supply shares last traded at $90.72, with a volume of 130,441 shares changing hands.

Specifically, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the completion of the transaction, the insider now owns 9,131 shares of the company’s stock, valued at approximately $821,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

BECN has been the subject of several analyst reports. Royal Bank of Canada dropped their price target on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Robert W. Baird lowered their target price on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Stephens lowered their target price on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $111.30.

Beacon Roofing Supply Price Performance

The company has a debt-to-equity ratio of 1.75, a current ratio of 1.90 and a quick ratio of 1.09. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of -150.57 and a beta of 1.55. The business’s fifty day simple moving average is $86.35 and its 200 day simple moving average is $92.69.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). The company had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.66 earnings per share. On average, research analysts forecast that Beacon Roofing Supply, Inc. will post 7.37 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Beacon Roofing Supply by 24.4% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 20,900 shares of the company’s stock valued at $1,806,000 after buying an additional 4,100 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after buying an additional 445 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Beacon Roofing Supply by 167.9% during the third quarter. SG Americas Securities LLC now owns 4,228 shares of the company’s stock valued at $365,000 after buying an additional 2,650 shares during the last quarter. Central Pacific Bank Trust Division lifted its position in shares of Beacon Roofing Supply by 66.7% during the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock valued at $108,000 after purchasing an additional 500 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Beacon Roofing Supply by 59.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,014 shares of the company’s stock valued at $182,000 after purchasing an additional 747 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the 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. The company 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.