Beacon Roofing Supply Stock Rating Upgraded by Zacks (BECN)
Beacon Roofing Supply (NASDAQ:BECN) was upgraded by Zacks from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Analyst Ratings News reports. The firm currently has a $42.00 price target on the stock. Zacks‘ price target would indicate a potential upside of 4.27% from the company’s current price.
Zacks‘ analyst wrote, “We are upgrading our recommendation on Beacon Roofing from Underperform to Neutral, with a target price of $42.00. Fourth-quarter 2013 adjusted earnings of Beacon dropped 7% year over year to $0.56 per share, due to lower gross margins. The company will benefit from continued focus on acquisition and its strong balance sheet position. U.S. housing starts also jumped to the highest level in five years, in November. While, pricing pressure, general market softness and competitive market remain headwinds for top-line growth. Further, the Architecture Billings Index fell to 49.8 in November, from 51.6 a month earlier due to uncertainty in demand. Moreover, higher mix of non-residential roofing products and sales mix will negatively impact gross margins in the near term.”
Shares of Beacon Roofing Supply (NASDAQ:BECN) traded down 1.17% during mid-day trading on Thursday, hitting $39.81. 198,125 shares of the company’s stock traded hands. Beacon Roofing Supply has a 52-week low of $32.97 and a 52-week high of $42.70. The stock’s 50-day moving average is $37.25 and its 200-day moving average is $37.34. The company has a market cap of $1.951 billion and a P/E ratio of 27.40.
Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Tuesday, November 26th. The company reported $0.56 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.62 by $0.06. The company had revenue of $683.50 million for the quarter, compared to the consensus estimate of $686.12 million. During the same quarter last year, the company posted $0.60 earnings per share. Beacon Roofing Supply’s revenue was up 14.3% compared to the same quarter last year.
Separately, analysts at KeyCorp upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note to investors on Thursday, December 12th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $41.60.
Beacon Roofing Supply, Inc is a distributor of residential and non-residential roofing materials in the United States and Canada.
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