Beacon Roofing Supply (NASDAQ:BECN) Downgraded by Royal Bank of Canada to Sector Perform

Royal Bank of Canada downgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from an outperform rating to a sector perform rating in a research report released on Wednesday morning, Marketbeat reports. The firm currently has $124.35 price target on the stock, up from their previous price target of $124.00.

Several other research firms have also issued reports on BECN. BMO Capital Markets dropped their price objective on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a report on Monday, March 3rd. Zelman & Associates downgraded shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. StockNews.com assumed coverage on shares of Beacon Roofing Supply in a report on Wednesday. They issued a “sell” rating on the stock. Finally, Robert W. Baird boosted their price objective on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Beacon Roofing Supply currently has a consensus rating of “Hold” and an average target price of $122.10.

Beacon Roofing Supply Price Performance

Shares of BECN opened at $123.80 on Wednesday. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The company’s fifty day simple moving average is $118.95 and its 200 day simple moving average is $106.93. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $123.90. The company has a market cap of $7.62 billion, a price-to-earnings ratio of 21.16 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. On average, research analysts forecast that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently made changes to their positions in the business. Equitable Trust Co. increased its stake in Beacon Roofing Supply by 1.7% during the 4th quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock worth $734,000 after acquiring an additional 122 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in shares of Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock worth $73,000 after purchasing an additional 150 shares in the last quarter. PNC Financial Services Group Inc. increased 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 worth $60,000 after purchasing an additional 163 shares during the period. Cornerstone Investment Partners LLC raised its stake in Beacon Roofing Supply by 3.6% in the fourth quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock valued at $480,000 after purchasing an additional 166 shares in the last quarter. Finally, HighTower Advisors LLC lifted its position in Beacon Roofing Supply by 7.3% during the third quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock worth $234,000 after purchasing an additional 181 shares during the period. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.