Royal Bank of Canada Downgrades Beacon Roofing Supply (NASDAQ:BECN) to Sector Perform

Royal Bank of Canada cut shares of Beacon Roofing Supply (NASDAQ:BECN) from an outperform rating to a sector perform rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The firm currently has $124.35 target price on the stock, up from their prior target price of $124.00.

Other equities analysts have also recently issued reports about the stock. 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. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. BMO Capital Markets reduced their price objective on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird increased their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. Finally, William Blair reissued a “market perform” rating on shares of Beacon Roofing Supply in a research note on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $122.10.

Beacon Roofing Supply Trading Up 0.0 %

Shares of BECN opened at $123.80 on Wednesday. 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 52-week low of $77.54 and a 52-week high of $123.90. The firm has a market cap of $7.62 billion, a price-to-earnings ratio of 21.16 and a beta of 1.63. The business’s fifty day moving average is $118.95 and its 200-day moving average is $106.93.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. Equities 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 made changes to their positions in BECN. Quarry LP boosted its holdings in Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after acquiring an additional 197 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Beacon Roofing Supply in the 4th quarter worth approximately $31,000. Johnson Financial Group Inc. bought a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at $54,000. PNC Financial Services Group Inc. increased 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 buying an additional 163 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its stake in Beacon Roofing Supply by 26.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock worth $73,000 after buying an additional 150 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors.

Beacon Roofing Supply Company Profile

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.