Beacon Roofing Supply (BECN) Upgraded at Zacks Investment Research

Beacon Roofing Supply (NASDAQ:BECN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $70.00 price objective on the stock. Zacks Investment Research‘s target price suggests a potential upside of 12.16% from the stock’s previous close.

According to Zacks, “Beacon Roofing's acquisition of Allied Building Products will catapult it to one of the largest public wholesale building materials distributors in the United States and Canada. The buyout will not only expand product offerings, but also increase geographical reach in both existing and new markets while ensuring significant cost synergies. Beacon Roofing is witnessing strong sales growth within the three product lines and across almost all geographies. The momentum is expected to continue in fiscal 2018. Beacon Roofing is expected to benefit from the rebuilding activity triggered by the two back-to-back hurricanes. The company is also striving to improve margins by managing costs. Its estimates have also been revised upward lately.”

A number of other research firms also recently commented on BECN. BidaskClub downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Jefferies Group reissued a “buy” rating and set a $73.00 target price on shares of Beacon Roofing Supply in a research report on Wednesday, January 17th. Robert W. Baird reissued an “outperform” rating and set a $70.00 target price (up previously from $55.00) on shares of Beacon Roofing Supply in a research report on Tuesday, November 21st. SunTrust Banks raised their target price on shares of Beacon Roofing Supply to $62.00 and gave the company a “buy” rating in a research report on Tuesday, November 21st. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $63.00 target price (up previously from $62.00) on shares of Beacon Roofing Supply in a research report on Tuesday, November 21st. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Beacon Roofing Supply has an average rating of “Buy” and a consensus target price of $58.82.

Beacon Roofing Supply (NASDAQ:BECN) traded down $0.08 during midday trading on Tuesday, reaching $62.41. 918,482 shares of the company’s stock were exchanged, compared to its average volume of 695,007. The company has a quick ratio of 1.35, a current ratio of 2.06 and a debt-to-equity ratio of 0.42. The stock has a market cap of $4,220.00, a P/E ratio of 38.05, a price-to-earnings-growth ratio of 1.30 and a beta of 1.49. Beacon Roofing Supply has a 1-year low of $39.57 and a 1-year high of $66.47.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Monday, November 20th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.01). The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. Beacon Roofing Supply had a net margin of 2.30% and a return on equity of 9.09%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the business posted $0.88 EPS. equities research analysts expect that Beacon Roofing Supply will post 3.2 earnings per share for the current year.

In other news, CEO Paul Isabella sold 40,000 shares of Beacon Roofing Supply stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $60.57, for a total value of $2,422,800.00. Following the transaction, the chief executive officer now owns 172,046 shares of the company’s stock, valued at approximately $10,420,826.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ross D. Cooper sold 2,000 shares of Beacon Roofing Supply stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total transaction of $119,500.00. Following the completion of the transaction, the executive vice president now directly owns 7,056 shares in the company, valued at approximately $421,596. The disclosure for this sale can be found here. 0.77% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of the company. 1st Global Advisors Inc. grew its position in shares of Beacon Roofing Supply by 0.8% in the 2nd quarter. 1st Global Advisors Inc. now owns 9,836 shares of the company’s stock worth $482,000 after buying an additional 76 shares during the last quarter. Advisor Group Inc. grew its position in shares of Beacon Roofing Supply by 8.9% in the 2nd quarter. Advisor Group Inc. now owns 3,877 shares of the company’s stock worth $190,000 after buying an additional 316 shares during the last quarter. Amalgamated Bank grew its position in shares of Beacon Roofing Supply by 5.1% in the 2nd quarter. Amalgamated Bank now owns 7,704 shares of the company’s stock worth $377,000 after buying an additional 373 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in shares of Beacon Roofing Supply by 1.4% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 29,235 shares of the company’s stock worth $1,433,000 after buying an additional 395 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Beacon Roofing Supply by 1.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 46,427 shares of the company’s stock worth $2,275,000 after buying an additional 517 shares during the last quarter.

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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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