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

Analysts at StockNews.com assumed coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note issued to investors on Wednesday. The brokerage set a “sell” rating on the stock.

A number of other research firms have also recently issued reports on BECN. Raymond James cut Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a report on Friday, March 21st. Benchmark reaffirmed a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. Robert W. Baird increased their price target on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. Loop Capital restated a “hold” rating and issued a $124.00 price objective on shares of Beacon Roofing Supply in a report on Friday, March 21st. Finally, Baird R W lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $120.95.

Beacon Roofing Supply Price Performance

BECN stock opened at $123.78 on Wednesday. The firm has a 50 day simple moving average of $118.65 and a two-hundred day simple moving average of $106.53. The stock has a market cap of $7.62 billion, a PE 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 company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The company 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%. On average, analysts predict that Beacon Roofing Supply will post 7.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BECN. Quarry LP grew its holdings in Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Beacon Roofing Supply during the fourth quarter valued at about $31,000. Johnson Financial Group Inc. purchased a new stake in shares of Beacon Roofing Supply during the fourth quarter worth about $54,000. PNC Financial Services Group Inc. grew its stake 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 last quarter. Finally, Nomura Asset Management Co. Ltd. increased its holdings in Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock valued at $73,000 after purchasing an additional 150 shares during the period. 98.45% of the stock is owned by hedge funds and other institutional investors.

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.