Beacon Roofing Supply, Inc. (NASDAQ:BECN)‘s stock had its “buy” rating reissued by analysts at Royal Bank Of Canada in a research report issued on Monday. They currently have a $58.00 price target on the stock. Royal Bank Of Canada’s target price suggests a potential upside of 25.35% from the company’s previous close.

A number of other brokerages have also recently weighed in on BECN. Zacks Investment Research upgraded shares of Beacon Roofing Supply from a “sell” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Thursday, April 13th. Citigroup Inc. reiterated a “buy” rating and set a $52.00 price target (up from $48.00) on shares of Beacon Roofing Supply in a research report on Thursday, May 11th. William Blair reiterated a “neutral” rating and set a $45.00 price target on shares of Beacon Roofing Supply in a research report on Friday, April 14th. Finally, Wedbush reiterated a “neutral” rating and set a $47.00 price target on shares of Beacon Roofing Supply in a research report on Wednesday, May 31st. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $51.50.

Shares of Beacon Roofing Supply (BECN) traded down 2.09% on Monday, hitting $46.27. 201,272 shares of the stock traded hands. The company has a market cap of $2.79 billion, a PE ratio of 28.23 and a beta of 1.33. The stock has a 50 day moving average of $48.60 and a 200 day moving average of $47.75. Beacon Roofing Supply has a one year low of $39.50 and a one year high of $52.12.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, May 4th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02. Beacon Roofing Supply had a net margin of 2.37% and a return on equity of 9.42%. The business had revenue of $870.70 million during the quarter, compared to analysts’ expectations of $814.74 million. During the same period last year, the business earned $0.03 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities analysts anticipate that Beacon Roofing Supply will post $2.37 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of BECN. 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 last quarter. Lloyds Banking Group plc acquired a new position in Beacon Roofing Supply during the first quarter valued at approximately $131,000. Huntington National Bank raised its position in Beacon Roofing Supply by 3.8% in the second quarter. Huntington National Bank now owns 3,138 shares of the company’s stock valued at $154,000 after buying an additional 116 shares during the last quarter. 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 last quarter. Finally, Worth Venture Partners LLC acquired a new position in Beacon Roofing Supply during the first quarter valued at approximately $220,000.

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.

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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