Wedbush Reaffirms “Outperform” Rating for Beacon Roofing Supply (BECN)

Beacon Roofing Supply (NASDAQ:BECN)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a report issued on Tuesday. They currently have a $52.00 price target on the stock, down from their previous price target of $70.00. Wedbush’s price objective would suggest a potential downside of 4.74% from the stock’s current price.

A number of other brokerages have also recently commented on BECN. Citigroup reduced their price objective on Beacon Roofing Supply from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday. Zacks Investment Research upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research note on Tuesday, January 23rd. Robert W. Baird restated an “outperform” rating and set a $70.00 price objective (up previously from $55.00) on shares of Beacon Roofing Supply in a research note on Tuesday, November 21st. BidaskClub upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note on Friday, December 29th. Finally, SunTrust Banks restated a “buy” rating and set a $55.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $60.45.

Beacon Roofing Supply (BECN) opened at $54.59 on Tuesday. Beacon Roofing Supply has a fifty-two week low of $39.57 and a fifty-two week high of $66.47. The firm has a market capitalization of $3,745.38, a price-to-earnings ratio of 23.94, a P/E/G ratio of 1.03 and a beta of 1.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.06 and a quick ratio of 1.35.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Thursday, February 8th. The company reported $0.68 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.14. Beacon Roofing Supply had a return on equity of 10.15% and a net margin of 3.29%. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the firm earned $0.56 earnings per share. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. equities analysts forecast that Beacon Roofing Supply will post 3.57 EPS for the current fiscal year.

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

Several hedge funds and other institutional investors have recently made changes to their positions in the company. 1st Global Advisors Inc. increased its position in shares of Beacon Roofing Supply by 0.8% during the second quarter. 1st Global Advisors Inc. now owns 9,836 shares of the company’s stock worth $482,000 after acquiring an additional 76 shares during the last quarter. Advisor Group Inc. increased its position in shares of Beacon Roofing Supply by 8.9% during the second quarter. Advisor Group Inc. now owns 3,877 shares of the company’s stock worth $190,000 after acquiring an additional 316 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Beacon Roofing Supply by 1.4% during the second quarter. UBS Asset Management Americas Inc. now owns 29,235 shares of the company’s stock worth $1,433,000 after acquiring an additional 395 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Beacon Roofing Supply by 1.1% during the second quarter. The Manufacturers Life Insurance Company now owns 46,427 shares of the company’s stock worth $2,275,000 after acquiring an additional 517 shares during the last quarter. Finally, Lisanti Capital Growth LLC increased its position in shares of Beacon Roofing Supply by 2.6% during the fourth quarter. Lisanti Capital Growth LLC now owns 48,305 shares of the company’s stock worth $3,080,000 after acquiring an additional 1,220 shares during the last quarter. 99.69% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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