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

StockNews.com assumed coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a report published on Monday. The firm issued a sell rating on the stock.

A number of other research firms have also recently issued reports on BECN. Stephens reiterated an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Robert W. Baird lifted their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. JPMorgan Chase & Co. lifted their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Stifel Nicolaus lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their price target for the company from $131.00 to $122.55 in a research note on Friday, February 7th. Finally, BMO Capital Markets cut their price target 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Beacon Roofing Supply has an average rating of “Hold” and a consensus target price of $119.95.

Beacon Roofing Supply Stock Up 1.3 %

Shares of NASDAQ BECN opened at $119.90 on Monday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $121.42. The stock has a market capitalization of $7.38 billion, a P/E ratio of 20.50 and a beta of 1.63. The stock’s fifty day moving average is $115.41 and its 200 day moving average is $103.53.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results 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). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Sell-side analysts forecast 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 made changes to their positions in the stock. Quarry LP lifted its stake in shares of Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of Beacon Roofing Supply in the third quarter worth approximately $28,000. SBI Securities Co. Ltd. acquired a new position in shares of Beacon Roofing Supply in the fourth quarter worth approximately $31,000. Johnson Financial Group Inc. acquired a new position in Beacon Roofing Supply in the fourth quarter valued at approximately $54,000. Finally, PNC Financial Services Group Inc. lifted its stake in 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 buying an additional 163 shares during the period. 98.45% of the stock is 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.