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

Investment analysts at StockNews.com began coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a report released on Monday. The brokerage set a “sell” rating on the stock.

BECN has been the subject of several other reports. Robert W. Baird lifted their price target on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, February 28th. BMO Capital Markets cut their target price on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. JPMorgan Chase & Co. increased their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Benchmark reiterated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. Finally, Stephens restated an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $119.95.

Beacon Roofing Supply Trading Up 1.6 %

BECN stock opened at $121.79 on Monday. 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 firm has a market cap of $7.50 billion, a P/E ratio of 20.82 and a beta of 1.63. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $122.22. The business’s 50 day moving average is $116.16 and its 200-day moving average is $103.97.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data 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). The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Equities analysts anticipate that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC boosted its holdings in Beacon Roofing Supply by 17.6% in the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after acquiring an additional 963,633 shares during the last quarter. Norges Bank bought a new position in shares of Beacon Roofing Supply in the 4th quarter valued at about $94,573,000. Balyasny Asset Management L.P. bought a new position in shares of Beacon Roofing Supply in the 4th quarter valued at about $68,588,000. Janus Henderson Group PLC raised its stake in shares of Beacon Roofing Supply by 1,449.0% during the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after buying an additional 575,852 shares during the last quarter. Finally, Citigroup Inc. raised its stake in shares of Beacon Roofing Supply by 1,192.1% during the third quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after buying an additional 473,937 shares during the last quarter. 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.