Beacon Roofing Supply, Inc. (NASDAQ:BECN) Raised to Hold at Zacks Investment Research
Beacon Roofing Supply, Inc. (NASDAQ:BECN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Beacon Roofing Supply expects revenues to grow in the range of 6–9% year over year in fiscal 2017 and adjusted earnings per share to be around $2.34. The company will continue to focus on revenue growth, both organically and through acquisitions while improving margins and operating expense leverage in fiscal 2017. Further, it will benefit from roofing and re-roofing demand. However, the timing of these replacement decisions can vary due to economic factors and weather conditions. The company’s performance will be hurt by seasonality in business and low asphalt shingle demand. Beacon Roofing has underperformed the Zacks sub-industry’s growth in the past one year.”
BECN has been the topic of a number of other reports. Royal Bank Of Canada raised their price objective on Beacon Roofing Supply from $51.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Wedbush reiterated a “neutral” rating and issued a $47.00 target price on shares of Beacon Roofing Supply in a research report on Wednesday, May 31st. Citigroup Inc. reiterated a “buy” rating and issued a $52.00 target price (up previously from $48.00) on shares of Beacon Roofing Supply in a research report on Thursday, May 11th. Finally, William Blair reissued a “neutral” rating and issued a $45.00 price target on shares of Beacon Roofing Supply in a report on Friday, April 14th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $51.50.
Beacon Roofing Supply (NASDAQ:BECN) traded down 0.75% during midday trading on Tuesday, reaching $47.73. 71,812 shares of the company were exchanged. The company has a 50 day moving average of $48.82 and a 200-day moving average of $47.60. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 29.12 and a beta of 1.33. Beacon Roofing Supply has a 52-week low of $39.50 and a 52-week high of $52.12.
Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Thursday, May 4th. The company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.02. The company had revenue of $870.70 million for the quarter, compared to analyst estimates of $814.74 million. Beacon Roofing Supply had a return on equity of 9.42% and a net margin of 2.37%. Beacon Roofing Supply’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.03 earnings per share. On average, equities research analysts anticipate that Beacon Roofing Supply will post $2.37 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new position in shares of Beacon Roofing Supply during the fourth quarter worth $2,489,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in Beacon Roofing Supply by 2,200.0% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,300 shares of the company’s stock worth $114,000 after buying an additional 2,200 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Beacon Roofing Supply by 74.6% in the fourth quarter. Renaissance Technologies LLC now owns 170,357 shares of the company’s stock worth $7,848,000 after buying an additional 72,800 shares during the last quarter. Fifth Third Bancorp boosted its stake in Beacon Roofing Supply by 20.2% in the first quarter. Fifth Third Bancorp now owns 3,934 shares of the company’s stock worth $193,000 after buying an additional 661 shares during the last quarter. Finally, Cipher Capital LP boosted its stake in Beacon Roofing Supply by 9.1% in the first quarter. Cipher Capital LP now owns 57,975 shares of the company’s stock worth $2,850,000 after buying an additional 4,820 shares during the last quarter.
Beacon Roofing Supply Company Profile
Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.
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