Evercore ISI initiated coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a report issued on Thursday morning, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $61.00 price objective on the stock.
Several other equities research analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Beacon Roofing Supply from a strong-buy rating to a hold rating in a research note on Tuesday, April 10th. BidaskClub upgraded shares of Beacon Roofing Supply from a strong sell rating to a sell rating in a research note on Saturday, March 24th. Citigroup upgraded shares of Beacon Roofing Supply from a neutral rating to a buy rating and set a $60.00 price objective for the company in a research note on Tuesday, June 19th. Jefferies Financial Group downgraded shares of Beacon Roofing Supply from a buy rating to a hold rating in a research note on Wednesday, May 9th. Finally, Northcoast Research downgraded shares of Beacon Roofing Supply from a buy rating to a neutral rating in a research note on Monday, May 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $62.92.
Shares of NASDAQ:BECN traded up $0.48 on Thursday, hitting $42.62. 1,870,500 shares of the company were exchanged, compared to its average volume of 906,517. Beacon Roofing Supply has a 1-year low of $38.71 and a 1-year high of $66.47. The company has a current ratio of 2.18, a quick ratio of 1.13 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $2.92 billion, a P/E ratio of 19.55, a PEG ratio of 0.42 and a beta of 1.34.
Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Tuesday, May 8th. The company reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.26). Beacon Roofing Supply had a return on equity of 8.11% and a net margin of 1.80%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The company’s quarterly revenue was up 64.1% on a year-over-year basis. equities analysts forecast that Beacon Roofing Supply will post 3.44 EPS for the current year.
In other Beacon Roofing Supply news, CFO Joseph M. Nowicki bought 2,470 shares of the firm’s stock in a transaction that occurred on Friday, May 18th. The stock was bought at an average cost of $40.45 per share, for a total transaction of $99,911.50. Following the completion of the transaction, the chief financial officer now directly owns 13,113 shares of the company’s stock, valued at approximately $530,420.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard W. Frost bought 11,820 shares of the firm’s stock in a transaction that occurred on Tuesday, June 5th. The shares were acquired at an average price of $42.46 per share, with a total value of $501,877.20. Following the completion of the transaction, the director now directly owns 9,207 shares of the company’s stock, valued at $390,929.22. The disclosure for this purchase can be found here. Insiders own 0.77% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Suntrust Banks Inc. acquired a new position in Beacon Roofing Supply during the first quarter valued at $211,000. Allianz Asset Management GmbH acquired a new position in Beacon Roofing Supply during the first quarter valued at $455,000. Xact Kapitalforvaltning AB lifted its position in Beacon Roofing Supply by 77.1% during the first quarter. Xact Kapitalforvaltning AB now owns 10,795 shares of the company’s stock valued at $573,000 after purchasing an additional 4,700 shares during the period. Royal Bank of Canada lifted its position in Beacon Roofing Supply by 4.6% during the first quarter. Royal Bank of Canada now owns 954,982 shares of the company’s stock valued at $50,681,000 after purchasing an additional 42,127 shares during the period. Finally, Highbridge Capital Management LLC lifted its position in Beacon Roofing Supply by 42.4% during the first quarter. Highbridge Capital Management LLC now owns 87,183 shares of the company’s stock valued at $4,626,000 after purchasing an additional 25,950 shares during the period. Institutional investors own 97.06% of the company’s stock.
Beacon Roofing Supply Company Profile
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 other accessories.
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