Beacon Roofing Supply (NASDAQ:BECN) Rating Lowered to Sector Perform at Royal Bank of Canada

Beacon Roofing Supply (NASDAQ:BECNGet Rating) was downgraded by stock analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Wednesday, The Fly reports. They presently have a $58.00 price target on the stock, down from their previous price target of $70.00. Royal Bank of Canada’s price objective would suggest a potential upside of 17.17% from the stock’s previous close.

Several other research firms have also weighed in on BECN. StockNews.com began coverage on Beacon Roofing Supply in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Robert W. Baird raised their price objective on Beacon Roofing Supply from $74.00 to $83.00 in a research note on Friday, May 6th. Wells Fargo & Company raised their price objective on Beacon Roofing Supply from $59.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday, April 21st. Finally, JPMorgan Chase & Co. reduced their price objective on Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 20th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $63.63.

NASDAQ:BECN opened at $49.50 on Wednesday. Beacon Roofing Supply has a twelve month low of $45.71 and a twelve month high of $65.30. The company has a quick ratio of 0.92, a current ratio of 1.85 and a debt-to-equity ratio of 1.01. The business has a 50 day moving average price of $59.58 and a two-hundred day moving average price of $57.77. The company has a market cap of $3.40 billion, a P/E ratio of 14.31 and a beta of 1.77.

Beacon Roofing Supply (NASDAQ:BECNGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.40. Beacon Roofing Supply had a return on equity of 26.21% and a net margin of 4.24%. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, analysts anticipate that Beacon Roofing Supply will post 6.58 earnings per share for the current fiscal year.

In related news, major shareholder Cd&R Investment Associates Ix, acquired 102,219 shares of the stock in a transaction dated Friday, April 29th. The stock was bought at an average cost of $58.70 per share, for a total transaction of $6,000,255.30. Following the completion of the transaction, the insider now directly owns 14,755,648 shares of the company’s stock, valued at $866,156,537.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.95% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of BECN. JPMorgan Chase & Co. raised its position in shares of Beacon Roofing Supply by 560.5% during the fourth quarter. JPMorgan Chase & Co. now owns 2,085,625 shares of the company’s stock worth $119,611,000 after acquiring an additional 1,769,848 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in Beacon Roofing Supply in the fourth quarter worth approximately $28,544,000. Frontier Capital Management Co. LLC increased its holdings in Beacon Roofing Supply by 46.3% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,398,819 shares of the company’s stock worth $80,222,000 after purchasing an additional 442,700 shares in the last quarter. American Century Companies Inc. increased its holdings in Beacon Roofing Supply by 14.8% in the fourth quarter. American Century Companies Inc. now owns 3,337,122 shares of the company’s stock worth $191,384,000 after purchasing an additional 429,543 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its holdings in Beacon Roofing Supply by 9.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,160,787 shares of the company’s stock worth $123,921,000 after purchasing an additional 191,517 shares in the last quarter.

Beacon Roofing Supply Company Profile (Get Rating)

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.

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