Beacon Roofing Supply (NASDAQ:BECN) Cut to Hold at Baird R W

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by equities researchers at Baird R W from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on BECN. Stifel Nicolaus cut Beacon Roofing Supply from a “buy” rating to a “hold” rating and lowered their price target for the stock from $131.00 to $122.55 in a report on Friday, February 7th. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Robert W. Baird lifted their price target on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. Benchmark reissued a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. Finally, BMO Capital Markets cut their target price on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply has an average rating of “Hold” and a consensus target price of $120.95.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $123.77 on Thursday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $123.90. The firm has a market capitalization of $7.62 billion, a P/E ratio of 21.16 and a beta of 1.63. The company’s fifty day moving average is $117.35 and its two-hundred day moving average is $104.46.

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

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new stake in Beacon Roofing Supply during the fourth quarter worth approximately $31,000. Quarry LP lifted its stake in shares of Beacon Roofing Supply by 180.7% during the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after purchasing an additional 197 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in shares of Beacon Roofing Supply during the third quarter worth $28,000. Johnson Financial Group Inc. purchased a new stake in shares of Beacon Roofing Supply in the fourth quarter valued at $54,000. Finally, PNC Financial Services Group Inc. increased its stake in Beacon Roofing Supply by 38.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock valued at $60,000 after purchasing an additional 163 shares during the last quarter. 98.45% of the stock is currently owned by hedge funds and other 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.