BidaskClub Upgrades Beacon Roofing Supply (BECN) to “Buy”

Beacon Roofing Supply (NASDAQ:BECN) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, December 29th.

A number of other equities research analysts also recently issued reports on BECN. SunTrust Banks restated a “buy” rating and set a $55.00 price target on shares of Beacon Roofing Supply in a research note on Monday, October 2nd. Royal Bank of Canada restated a “buy” rating and set a $53.00 price target on shares of Beacon Roofing Supply in a research note on Tuesday, October 10th. Robert W. Baird reiterated an “outperform” rating and set a $70.00 price objective (up from $55.00) on shares of Beacon Roofing Supply in a research note on Tuesday, November 21st. KeyCorp reiterated a “buy” rating and set a $56.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday, September 12th. Finally, Zacks Investment Research upgraded Beacon Roofing Supply from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective for the company in a research note on Thursday, November 23rd. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $56.91.

Beacon Roofing Supply (BECN) opened at $63.46 on Friday. Beacon Roofing Supply has a 52-week low of $39.57 and a 52-week high of $66.47. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.06 and a quick ratio of 1.35. The firm has a market capitalization of $4,300.00, a PE ratio of 38.70, a price-to-earnings-growth ratio of 1.32 and a beta of 1.49.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Monday, November 20th. The company reported $0.93 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.01). The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Beacon Roofing Supply had a return on equity of 11.38% and a net margin of 3.50%. Beacon Roofing Supply’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted $0.88 EPS. equities analysts forecast that Beacon Roofing Supply will post 3.16 earnings per share for the current year.

In other news, EVP Ross D. Cooper sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total transaction of $119,500.00. Following the sale, the executive vice president now directly owns 7,056 shares of the company’s stock, valued at approximately $421,596. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Paul Isabella sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $60.57, for a total value of $2,422,800.00. Following the sale, the chief executive officer now directly owns 172,046 shares in the company, valued at $10,420,826.22. The disclosure for this sale can be found here. 0.75% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in Beacon Roofing Supply during the 2nd quarter valued at $100,000. Advisors Asset Management Inc. raised its holdings in Beacon Roofing Supply by 36.7% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,105 shares of the company’s stock valued at $103,000 after buying an additional 565 shares during the period. Zions Bancorporation purchased a new stake in Beacon Roofing Supply during the 3rd quarter valued at $124,000. Advisor Group Inc. raised its holdings in Beacon Roofing Supply by 8.9% during the 2nd quarter. Advisor Group Inc. now owns 3,877 shares of the company’s stock valued at $190,000 after buying an additional 316 shares during the period. Finally, Keybank National Association OH purchased a new stake in Beacon Roofing Supply during the 3rd quarter valued at $210,000.

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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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