StockNews.com Initiates Coverage on Beacon Roofing Supply (NASDAQ:BECN)

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

A number of other equities research analysts also recently weighed in on BECN. Robert W. Baird lifted their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Stephens reissued an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Benchmark restated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. Stifel Nicolaus cut Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their price target for the company from $131.00 to $122.55 in a research note on Friday, February 7th. Finally, BMO Capital Markets lowered their price objective on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply has an average rating of “Hold” and an average price target of $119.95.

Beacon Roofing Supply Trading Up 6.7 %

BECN opened at $118.52 on Friday. 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 stock has a market capitalization of $7.30 billion, a P/E ratio of 20.26 and a beta of 1.63. The firm’s fifty day simple moving average is $113.67 and its 200 day simple moving average is $102.50. Beacon Roofing Supply has a 12 month low of $77.54 and a 12 month high of $121.42.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. As a group, research analysts anticipate that Beacon Roofing Supply will post 7.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BECN. Quarry LP lifted its holdings in shares of Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Beacon Roofing Supply in the 3rd quarter valued at about $28,000. SBI Securities Co. Ltd. bought a new position in Beacon Roofing Supply in the fourth quarter valued at $31,000. Johnson Financial Group Inc. bought a new stake in shares of Beacon Roofing Supply in the 4th quarter worth approximately $54,000. Finally, PNC Financial Services Group Inc. increased its stake in Beacon Roofing Supply by 38.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after purchasing an additional 163 shares during the period. Institutional investors own 98.45% of the company’s stock.

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.