Benchmark Reaffirms “Buy” Rating for Beacon Roofing Supply (NASDAQ:BECN)

Benchmark restated their buy rating on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research report sent to investors on Monday morning,Benzinga reports. They currently have a $140.00 price objective on the stock.

BECN has been the subject of several other reports. Robert W. Baird boosted their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, February 28th. Zelman & Associates cut shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Stephens reaffirmed an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. StockNews.com started coverage on shares of Beacon Roofing Supply in a report on Saturday, March 1st. They set a “sell” rating for the company. Finally, Stifel Nicolaus cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and reduced their target price for the company from $131.00 to $122.55 in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Beacon Roofing Supply currently has an average rating of “Hold” and a consensus price target of $119.95.

Beacon Roofing Supply Stock Up 2.1 %

Shares of Beacon Roofing Supply stock opened at $113.88 on Monday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The stock has a market capitalization of $7.01 billion, a PE ratio of 19.47 and a beta of 1.63. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $121.42. The company has a 50-day simple moving average of $113.00 and a two-hundred day simple moving average of $101.95.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.43 billion. On average, analysts anticipate that Beacon Roofing Supply will post 7.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of hedge funds have recently modified their holdings of the company. Quarry LP boosted its position in shares of Beacon Roofing Supply by 180.7% during the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Beacon Roofing Supply during the third quarter worth $28,000. SBI Securities Co. Ltd. bought a new position in shares of Beacon Roofing Supply during the fourth quarter worth $31,000. Johnson Financial Group Inc. bought a new position in shares of Beacon Roofing Supply during the fourth quarter worth $54,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Beacon Roofing Supply by 38.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after acquiring an additional 163 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company 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.