Zacks Investment Research Lowers Beacon Roofing Supply, Inc. (NASDAQ:BECN) to Hold

Zacks Investment Research lowered shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) from a buy rating to a hold rating in a report released on Wednesday, July 12th.

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 of 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.”

A number of other research firms have also issued reports on BECN. Royal Bank Of Canada lifted their target price on Beacon Roofing Supply from $51.00 to $58.00 and gave the stock an outperform rating in a report on Monday, May 15th. Jefferies Group LLC reaffirmed a hold rating and set a $46.00 target price on shares of Beacon Roofing Supply in a report on Friday, March 17th. Citigroup Inc. reaffirmed a buy rating and set a $52.00 target price (up from $48.00) on shares of Beacon Roofing Supply in a report on Thursday, May 11th. William Blair reiterated a neutral rating and issued 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 issued a $47.00 price target on shares of Beacon Roofing Supply in a research report on Wednesday, May 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $50.50.

Beacon Roofing Supply (BECN) traded down 0.12% during midday trading on Wednesday, hitting $43.27. 744,890 shares of the company traded hands. The stock has a market cap of $2.61 billion, a P/E ratio of 25.69 and a beta of 1.32. Beacon Roofing Supply has a 12-month low of $39.50 and a 12-month high of $52.12. The stock has a 50 day moving average of $47.67 and a 200 day moving average of $47.74.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $0.84 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by $0.06. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.27 billion. Beacon Roofing Supply had a net margin of 2.42% and a return on equity of 9.55%. Beacon Roofing Supply’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the business posted $0.77 earnings per share. Equities research analysts predict that Beacon Roofing Supply will post $2.21 EPS for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new stake in shares of Beacon Roofing Supply during the fourth quarter worth approximately $2,489,000. State Street Corp raised its stake in shares of Beacon Roofing Supply by 0.9% in the fourth quarter. State Street Corp now owns 1,089,562 shares of the company’s stock worth $50,196,000 after buying an additional 9,983 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake in shares of 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 worth $114,000 after buying an additional 2,200 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Beacon Roofing Supply by 5.4% in the first quarter. Vanguard Group Inc. now owns 4,845,530 shares of the company’s stock worth $238,207,000 after buying an additional 246,233 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Beacon Roofing Supply by 74.6% in the fourth quarter. Renaissance Technologies LLC now owns 170,357 shares of the company’s stock worth $7,848,000 after buying an additional 72,800 shares during the last quarter.

Beacon Roofing Supply Company Profile

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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