Beacon Roofing Supply, Inc. (NASDAQ:BECN) Raised to Hold at Zacks Investment Research
Beacon Roofing Supply, Inc. (NASDAQ:BECN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Beacon Roofing Supply expects revenues to grow in the range of 6–9% year over year in fiscal 2017 and adjusted earnings per share to be around $2.34. The company will continue to focus on revenue growth, both organically and through acquisitions while improving margins and operating expense leverage in fiscal 2017. Further, it will benefit from roofing and re-roofing demand. However, the timing of these replacement decisions can vary due to economic factors and weather conditions. The company’s performance will be hurt by seasonality in business and low asphalt shingle demand. Beacon Roofing has underperformed the Zacks sub-industry’s growth in the past one year.”
Other research analysts have also issued reports about the stock. Citigroup Inc reissued a “buy” rating and set a $52.00 price objective (up from $48.00) on shares of Beacon Roofing Supply in a report on Thursday, May 11th. William Blair reissued a “neutral” rating and set a $45.00 price objective on shares of Beacon Roofing Supply in a report on Friday, April 14th. Wedbush reissued a “neutral” rating and set a $47.00 price objective on shares of Beacon Roofing Supply in a report on Wednesday, May 31st. Finally, Royal Bank Of Canada raised their price objective on shares of Beacon Roofing Supply from $51.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $51.50.
Shares of Beacon Roofing Supply (BECN) traded down 0.87% during trading on Tuesday, hitting $47.67. 154,599 shares of the company were exchanged. Beacon Roofing Supply has a 12 month low of $39.50 and a 12 month high of $52.12. The company’s 50-day moving average price is $48.82 and its 200 day moving average price is $47.60. The stock has a market cap of $2.87 billion, a P/E ratio of 29.08 and a beta of 1.33.
Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, May 4th. The company reported ($0.04) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.02. The company had revenue of $870.70 million during the quarter, compared to analyst estimates of $814.74 million. Beacon Roofing Supply had a net margin of 2.37% and a return on equity of 9.42%. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. On average, equities analysts predict that Beacon Roofing Supply will post $2.37 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of BECN. Russell Investments Group Ltd. acquired a new position in Beacon Roofing Supply during the fourth quarter valued at approximately $2,489,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in Beacon Roofing Supply by 2,200.0% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,300 shares of the company’s stock valued at $114,000 after buying an additional 2,200 shares during the period. Renaissance Technologies LLC raised its position in Beacon Roofing Supply by 74.6% in the fourth quarter. Renaissance Technologies LLC now owns 170,357 shares of the company’s stock valued at $7,848,000 after buying an additional 72,800 shares during the period. Fifth Third Bancorp raised its position in Beacon Roofing Supply by 20.2% in the first quarter. Fifth Third Bancorp now owns 3,934 shares of the company’s stock valued at $193,000 after buying an additional 661 shares during the period. Finally, Vanguard Group Inc. raised its position in Beacon Roofing Supply by 5.4% in the first quarter. Vanguard Group Inc. now owns 4,845,530 shares of the company’s stock valued at $238,207,000 after buying an additional 246,233 shares during the period.
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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