Beacon Roofing Supply (NASDAQ:BECN)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Wedbush in a research report issued to clients and investors on Wednesday, RTT News reports. They currently have a $33.00 price target on the stock. Wedbush’s price target points to a potential downside of 13.02% from the company’s previous close.
Several other brokerages also recently weighed in on BECN. BidaskClub raised Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note on Wednesday, February 20th. Buckingham Research began coverage on Beacon Roofing Supply in a report on Monday, February 25th. They issued a “neutral” rating and a $38.00 target price for the company. Zacks Investment Research raised Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research note on Monday, February 4th. ValuEngine raised Beacon Roofing Supply from a “strong sell” rating to a “sell” rating in a research note on Wednesday, April 10th. Finally, Royal Bank of Canada set a $37.00 price target on Beacon Roofing Supply and gave the company a “hold” rating in a research note on Friday, February 8th. Thirteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Beacon Roofing Supply currently has a consensus rating of “Hold” and an average price target of $40.41.
Shares of BECN stock traded down $1.39 during trading hours on Wednesday, hitting $37.94. 163,140 shares of the company’s stock were exchanged, compared to its average volume of 787,418. The company has a debt-to-equity ratio of 1.61, a current ratio of 2.43 and a quick ratio of 1.35. The company has a market cap of $2.62 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 0.81 and a beta of 1.47. Beacon Roofing Supply has a fifty-two week low of $24.97 and a fifty-two week high of $46.26.
Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Tuesday, May 7th. The company reported ($0.45) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.06. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.38 billion. Beacon Roofing Supply had a return on equity of 11.19% and a net margin of 0.43%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.35) EPS. Analysts anticipate that Beacon Roofing Supply will post 2.91 earnings per share for the current fiscal year.
In other news, major shareholder Cd&R Investment Associates Ix, bought 5,609,763 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were purchased at an average price of $33.31 per share, with a total value of $186,861,205.53. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of BECN. LPL Financial LLC purchased a new position in Beacon Roofing Supply during the 3rd quarter valued at $672,000. Teachers Advisors LLC increased its position in Beacon Roofing Supply by 1.4% during the 3rd quarter. Teachers Advisors LLC now owns 145,412 shares of the company’s stock valued at $5,262,000 after purchasing an additional 2,048 shares during the period. Morgan Stanley increased its position in Beacon Roofing Supply by 8.5% during the 3rd quarter. Morgan Stanley now owns 615,606 shares of the company’s stock valued at $22,279,000 after purchasing an additional 48,093 shares during the period. Vanguard Group Inc. increased its position in Beacon Roofing Supply by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 5,993,864 shares of the company’s stock valued at $216,918,000 after purchasing an additional 96,227 shares during the period. Finally, Virtu Financial LLC purchased a new position in Beacon Roofing Supply during the 4th quarter valued at $242,000.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.
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