Beacon Roofing Supply’s (BECN) Buy Rating Reaffirmed at Citigroup Inc
Beacon Roofing Supply, Inc. (NASDAQ:BECN)‘s stock had its “buy” rating reissued by stock analysts at Citigroup Inc in a research report issued on Thursday. They presently have a $52.00 target price on the stock, up from their previous target price of $48.00. Citigroup Inc’s price target points to a potential upside of 6.17% from the company’s current price.
Several other research firms have also recently issued reports on BECN. Jefferies Group LLC reissued a “hold” rating and issued a $46.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, March 17th. Royal Bank of Canada boosted their price objective on shares of Beacon Roofing Supply from $51.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday. Zacks Investment Research raised shares of Beacon Roofing Supply from a “sell” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Thursday, April 13th. Finally, William Blair reissued a “neutral” rating and issued a $45.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, April 14th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Beacon Roofing Supply currently has an average rating of “Buy” and a consensus price target of $51.89.
Beacon Roofing Supply (NASDAQ:BECN) traded up 1.68% during trading on Thursday, reaching $48.98. 552,357 shares of the company were exchanged. Beacon Roofing Supply has a 1-year low of $39.50 and a 1-year high of $52.12. The stock has a market capitalization of $2.95 billion, a P/E ratio of 29.88 and a beta of 1.31. The company’s 50-day moving average price is $49.35 and its 200-day moving average price is $46.54.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Thursday, May 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The company had revenue of $870.70 million during the quarter, compared to analysts’ expectations of $814.74 million. Beacon Roofing Supply had a net margin of 2.49% and a return on equity of 9.99%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.03 EPS. On average, equities analysts forecast that Beacon Roofing Supply will post $2.37 EPS for the current year.
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Large investors have recently bought and sold shares of the stock. Public Employees Retirement Association of Colorado raised its stake in Beacon Roofing Supply by 28.1% in the third quarter. Public Employees Retirement Association of Colorado now owns 368,926 shares of the company’s stock valued at $15,521,000 after buying an additional 80,946 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in Beacon Roofing Supply by 4.4% in the third quarter. UBS Asset Management Americas Inc. now owns 31,064 shares of the company’s stock valued at $1,306,000 after buying an additional 1,300 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Beacon Roofing Supply by 2.9% in the third quarter. JPMorgan Chase & Co. now owns 26,559 shares of the company’s stock valued at $1,117,000 after buying an additional 750 shares in the last quarter. Prudential Financial Inc. raised its stake in Beacon Roofing Supply by 8.9% in the third quarter. Prudential Financial Inc. now owns 12,650 shares of the company’s stock valued at $532,000 after buying an additional 1,032 shares in the last quarter. Finally, BlackRock Inc. raised its stake in Beacon Roofing Supply by 18.9% in the third quarter. BlackRock Inc. now owns 18,889 shares of the company’s stock valued at $795,000 after buying an additional 3,009 shares in the last quarter.
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.
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