RBC Capital Markets Cuts Beacon Roofing Supply Inc. (BECN) Price Target to $51.00
Beacon Roofing Supply Inc. (NASDAQ:BECN) had its price target reduced by equities research analysts at RBC Capital Markets from $54.00 to $51.00 in a research report issued on Tuesday. The firm currently has an “outperform” rating on the stock. RBC Capital Markets’ price objective would indicate a potential upside of 8.77% from the stock’s current price.
BECN has been the topic of a number of other reports. Zacks Investment Research downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Wedbush restated a “neutral” rating and issued a $50.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday, September 6th. Finally, Royal Bank Of Canada reduced their price objective on Beacon Roofing Supply from $54.00 to $51.00 and set an “outperform” rating on the stock in a research report on Tuesday. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $48.80.
Beacon Roofing Supply (NASDAQ:BECN) opened at 46.89 on Tuesday. Beacon Roofing Supply has a 12-month low of $32.24 and a 12-month high of $48.96. The stock has a market cap of $2.80 billion, a P/E ratio of 36.89 and a beta of 1.33. The company has a 50 day moving average of $43.19 and a 200-day moving average of $44.19.
Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Monday, November 21st. The company reported $0.88 EPS for the quarter, missing the Zacks’ consensus estimate of $0.91 by $0.03. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Beacon Roofing Supply had a return on equity of 9.66% and a net margin of 1.96%. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Equities analysts forecast that Beacon Roofing Supply will post $2.13 earnings per share for the current year.
In related news, Director Carl T. Berquist purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were acquired at an average cost of $44.81 per share, for a total transaction of $224,050.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $224,050. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Paul Isabella sold 45,000 shares of the stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $46.31, for a total value of $2,083,950.00. Following the sale, the chief executive officer now owns 155,414 shares in the company, valued at $7,197,222.34. The disclosure for this sale can be found here. Company insiders own 1.15% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Beacon Roofing Supply by 5.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 2,381,205 shares of the company’s stock worth $100,177,000 after buying an additional 127,498 shares during the last quarter. J.P. Marvel Investment Advisors LLC boosted its stake in shares of Beacon Roofing Supply by 5.9% in the third quarter. J.P. Marvel Investment Advisors LLC now owns 148,380 shares of the company’s stock worth $6,242,000 after buying an additional 8,230 shares during the last quarter. Credit Suisse AG boosted its stake in shares of Beacon Roofing Supply by 0.7% in the third quarter. Credit Suisse AG now owns 151,173 shares of the company’s stock worth $6,361,000 after buying an additional 1,043 shares during the last quarter. PCJ Investment Counsel Ltd. boosted its stake in shares of Beacon Roofing Supply by 50.0% in the third quarter. PCJ Investment Counsel Ltd. now owns 45,000 shares of the company’s stock worth $1,893,000 after buying an additional 15,000 shares during the last quarter. Finally, Bell State Bank & Trust boosted its stake in shares of Beacon Roofing Supply by 4.3% in the third quarter. Bell State Bank & Trust now owns 7,578 shares of the company’s stock worth $319,000 after buying an additional 315 shares during the last quarter.
Beacon Roofing Supply Company Profile
Beacon Roofing Supply, Inc is a distributor of residential and non-residential roofing materials in the United States. The Company operates in the wholesale distribution of building materials segment. The Company distributes other complementary building materials, such as waterproofing systems for residential and non-residential building exteriors.
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