Wells Fargo & Company Begins Coverage on Beacon Roofing Supply, Inc. (BECN)

Wells Fargo & Company began coverage on shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) in a research note issued to investors on Wednesday, October 18th, MarketBeat Ratings reports. The brokerage set a “market perform” rating and a $58.00 price target on the stock. Wells Fargo & Company’s price target indicates a potential upside of 6.42% from the company’s previous close.

Other analysts have also issued research reports about the stock. Royal Bank Of Canada restated a “buy” rating and issued a $58.00 price target on shares of Beacon Roofing Supply in a research note on Monday, July 24th. BidaskClub lowered shares of Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Beacon Roofing Supply from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. KeyCorp restated a “buy” rating and issued a $56.00 price target on shares of Beacon Roofing Supply in a research note on Sunday, October 15th. Finally, Citigroup Inc. lifted their price objective on shares of Beacon Roofing Supply from $48.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, August 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $53.17.

Beacon Roofing Supply (NASDAQ BECN) opened at 54.50 on Wednesday. Beacon Roofing Supply has a 12-month low of $39.57 and a 12-month high of $56.36. The company has a market cap of $3.29 billion, a P/E ratio of 32.36 and a beta of 1.32. The firm’s 50 day moving average is $51.37 and its 200 day moving average is $48.51.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.06). The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Beacon Roofing Supply had a net margin of 2.42% and a return on equity of 9.55%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.77 EPS. Equities research analysts anticipate that Beacon Roofing Supply will post $2.19 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of BECN. BlackRock Inc. increased its holdings in shares of Beacon Roofing Supply by 80,484.5% in the 1st quarter. BlackRock Inc. now owns 4,021,973 shares of the company’s stock valued at $197,720,000 after purchasing an additional 4,016,982 shares during the period. Cramer Rosenthal Mcglynn LLC increased its holdings in shares of Beacon Roofing Supply by 51.2% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,174,020 shares of the company’s stock valued at $57,527,000 after purchasing an additional 397,770 shares during the period. Vanguard Group Inc. increased its holdings in shares of Beacon Roofing Supply by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 4,845,530 shares of the company’s stock valued at $238,207,000 after purchasing an additional 246,233 shares during the period. Skylands Capital LLC increased its holdings in shares of Beacon Roofing Supply by 1,144.0% in the 3rd quarter. Skylands Capital LLC now owns 206,500 shares of the company’s stock valued at $10,583,000 after purchasing an additional 189,900 shares during the period. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Beacon Roofing Supply by 10.4% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,873,615 shares of the company’s stock valued at $91,807,000 after purchasing an additional 176,659 shares during the period. Hedge funds and other institutional investors own 91.76% of the company’s stock.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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