Beacon Roofing Supply Inc. (BECN) Rating Reiterated by Jefferies Group
Beacon Roofing Supply Inc. (NASDAQ:BECN)‘s stock had its “hold” rating reissued by investment analysts at Jefferies Group in a note issued to investors on Wednesday. They currently have a $46.00 price objective on the stock. Jefferies Group’s price target would suggest a potential downside of 0.17% from the stock’s current price.
The analysts wrote, “BECN reported a 4Q miss as top-line growth came in below expectations due to hot weather in August and a disappointing decline in organic commercial sales. Additionally, FY17 EBITDA guidance is below expectations, but seems conservative with margins likely surprising to the upside.””
A number of other analysts also recently commented on BECN. Robert W. Baird dropped their price objective on Beacon Roofing Supply from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Tuesday. Zacks Investment Research upgraded Beacon Roofing Supply from a “sell” rating to a “hold” rating in a report on Friday, November 18th. Royal Bank Of Canada dropped their price objective on Beacon Roofing Supply from $54.00 to $51.00 and set an “outperform” rating for the company in a report on Tuesday. RBC Capital Markets restated an “outperform” rating and set a $51.00 price objective (down from $54.00) on shares of Beacon Roofing Supply in a report on Tuesday. Finally, Wedbush restated a “neutral” rating and set a $50.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, September 6th. Five investment 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’s stock. The company presently has an average rating of “Buy” and an average price target of $48.90.
Shares of Beacon Roofing Supply (NASDAQ:BECN) opened at 46.08 on Wednesday. Beacon Roofing Supply has a one year low of $32.24 and a one year high of $48.96. The stock has a market capitalization of $2.76 billion, a P/E ratio of 30.93 and a beta of 1.33. The firm’s 50-day moving average price is $43.40 and its 200-day moving average price is $44.22.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Monday, November 21st. The company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by $0.03. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.28 billion. Beacon Roofing Supply had a return on equity of 10.26% and a net margin of 2.18%. The company’s quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.75 earnings per share. Equities research analysts anticipate that Beacon Roofing Supply will post $2.36 EPS for the current fiscal year.
In other Beacon Roofing Supply news, Director Carl T. Berquist bought 5,000 shares of the stock in a transaction dated Wednesday, September 7th. The stock was bought at an average cost of $44.81 per share, for a total transaction of $224,050.00. Following the completion of the purchase, the director now directly owns 5,000 shares of the company’s stock, valued at $224,050. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.15% of the company’s stock.
Several hedge funds have recently made changes to their positions in BECN. Prudential Financial Inc. increased its stake in shares of Beacon Roofing Supply by 87.6% in the first quarter. Prudential Financial Inc. now owns 9,409 shares of the company’s stock valued at $386,000 after buying an additional 4,394 shares in the last quarter. State Street Corp boosted its position in shares of Beacon Roofing Supply by 3.6% in the first quarter. State Street Corp now owns 847,821 shares of the company’s stock valued at $34,767,000 after buying an additional 29,305 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Beacon Roofing Supply by 4.8% in the first quarter. Geode Capital Management LLC now owns 346,123 shares of the company’s stock valued at $14,194,000 after buying an additional 15,912 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Beacon Roofing Supply by 21.5% in the first quarter. Wellington Management Group LLP now owns 232,001 shares of the company’s stock valued at $9,515,000 after buying an additional 40,985 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Beacon Roofing Supply by 6.3% in the first quarter. Renaissance Technologies LLC now owns 267,857 shares of the company’s stock valued at $10,985,000 after buying an additional 15,800 shares during the last quarter.
ILLEGAL ACTIVITY WARNING: This news story was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this news story on another website, it was illegally copied and republished in violation of international copyright and trademark law. The legal version of this news story can be accessed at https://www.thecerbatgem.com/2016/11/25/beacon-roofing-supply-inc-becn-rating-reiterated-by-jefferies-group.html.
About Beacon Roofing Supply
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.
Receive News & Stock Ratings for Beacon Roofing Supply Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Beacon Roofing Supply Inc. and related stocks with our FREE daily email newsletter.