Beacon Roofing Supply (NASDAQ:BECN) Research Coverage Started at StockNews.com

StockNews.com started coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note issued to investors on Monday morning. The brokerage issued a sell rating on the stock.

A number of other equities research analysts have also issued reports on BECN. Robert W. Baird lifted their target price on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. Stifel Nicolaus lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating and dropped their target price for the stock from $131.00 to $122.55 in a research report on Friday, February 7th. JPMorgan Chase & Co. lifted their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Finally, Benchmark reissued a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $119.95.

Beacon Roofing Supply Stock Performance

Shares of BECN stock opened at $121.53 on Monday. The stock’s fifty day simple moving average is $116.16 and its 200-day simple moving average is $103.97. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of 20.77 and a beta of 1.63. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $122.22.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.01). The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. On average, sell-side analysts predict that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP boosted its holdings in shares of Beacon Roofing Supply by 180.7% during the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after buying an additional 197 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Beacon Roofing Supply during the 3rd quarter worth $28,000. SBI Securities Co. Ltd. bought a new stake in Beacon Roofing Supply during the fourth quarter valued at about $31,000. Johnson Financial Group Inc. acquired a new stake in shares of Beacon Roofing Supply in the fourth quarter valued at about $54,000. Finally, PNC Financial Services Group Inc. grew its position in shares of Beacon Roofing Supply by 38.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock valued at $60,000 after purchasing an additional 163 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Beacon Roofing Supply Company Profile

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.