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

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

Several other brokerages have also recently commented on BECN. William Blair reissued a “market perform” rating on shares of Beacon Roofing Supply in a research report on Thursday, March 20th. BMO Capital Markets reduced their price target on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their price target for the company from $131.00 to $122.55 in a research note on Friday, February 7th. Loop Capital reiterated a “hold” rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, March 21st. Finally, Benchmark reissued a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $120.95.

Beacon Roofing Supply Stock Performance

Shares of Beacon Roofing Supply stock opened at $123.80 on Tuesday. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The firm 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 has a one year low of $77.54 and a one year high of $123.90. The stock’s 50-day moving average is $117.72 and its 200-day moving average is $105.01.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly 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 the consensus estimate of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Equities 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

Several institutional investors and hedge funds have recently modified their holdings of BECN. Charles Schwab Investment Management Inc. raised its holdings in Beacon Roofing Supply by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 615,174 shares of the company’s stock valued at $62,489,000 after acquiring an additional 11,426 shares during the period. Intech Investment Management LLC bought a new position in shares of Beacon Roofing Supply during the third quarter worth approximately $1,441,000. Raymond James Financial Inc. bought a new position in shares of Beacon Roofing Supply during the fourth quarter worth approximately $24,162,000. Barclays PLC lifted its holdings in Beacon Roofing Supply by 272.0% during the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock worth $10,547,000 after purchasing an additional 89,222 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Beacon Roofing Supply by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company’s stock valued at $103,011,000 after purchasing an additional 20,372 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.