StockNews.com Initiates Coverage on Beacon Roofing Supply (NASDAQ:BECN)

Equities researchers at StockNews.com started coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a report issued on Tuesday. The brokerage set a “sell” rating on the stock.

Several other equities analysts have also recently commented on the stock. BMO Capital Markets decreased their price target on shares of 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. Benchmark reiterated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a report on Monday, March 3rd. Robert W. Baird upped their price target on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Stifel Nicolaus lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating and reduced their price target for the company from $131.00 to $122.55 in a research report on Friday, February 7th. Finally, Baird R W downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Beacon Roofing Supply currently has an average rating of “Hold” and an average price target of $120.95.

Beacon Roofing Supply Trading Up 0.0 %

Shares of NASDAQ BECN opened at $123.82 on Tuesday. 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 stock has a market capitalization of $7.63 billion, a PE ratio of 21.17 and a beta of 1.63. Beacon Roofing Supply has a twelve month low of $77.54 and a twelve month high of $123.90. The stock has a fifty day simple moving average of $117.72 and a 200-day simple moving average of $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 (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. On average, equities analysts forecast that Beacon Roofing Supply will post 7.22 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Equitable Trust Co. boosted its holdings in Beacon Roofing Supply by 1.7% in the fourth quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock valued at $734,000 after purchasing an additional 122 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position 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 buying an additional 150 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after buying an additional 163 shares during the last quarter. Cornerstone Investment Partners LLC boosted its holdings in shares of Beacon Roofing Supply by 3.6% in the 4th quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock valued at $480,000 after buying an additional 166 shares in the last quarter. Finally, HighTower Advisors LLC grew its position in shares of Beacon Roofing Supply by 7.3% in the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock valued at $234,000 after buying an additional 181 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.