Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares gapped up before the market opened on Monday after Citigroup raised their price target on the stock from $48.00 to $51.00. The stock had previously closed at $48.92, but opened at $47.30. Citigroup currently has a neutral rating on the stock. Beacon Roofing Supply shares last traded at $46.83, with a volume of 830,092 shares changing hands.

Several other research analysts have also recently weighed in on BECN. Royal Bank Of Canada reduced their price target on Beacon Roofing Supply from $58.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. Jefferies Group LLC upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and lifted their price target for the company from $50.00 to $54.00 in a research report on Friday. Northcoast Research upgraded Beacon Roofing Supply from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a research report on Friday. BidaskClub cut Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Finally, KeyCorp upgraded Beacon Roofing Supply from a “sector weight” rating to an “overweight” rating and set a $52.00 price target for the company in a research report on Friday. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $51.60.

Hedge funds have recently bought and sold shares of the stock. Bell Bank boosted its stake in Beacon Roofing Supply by 3.8% in the first quarter. Bell Bank now owns 8,108 shares of the company’s stock worth $399,000 after buying an additional 295 shares during the period. Karp Capital Management Corp purchased a new stake in shares of Beacon Roofing Supply during the first quarter valued at approximately $566,000. UBS Asset Management Americas Inc. boosted its stake in shares of Beacon Roofing Supply by 66.0% in the first quarter. UBS Asset Management Americas Inc. now owns 28,840 shares of the company’s stock valued at $1,418,000 after buying an additional 11,466 shares during the last quarter. Suntrust Banks Inc. boosted its stake in shares of Beacon Roofing Supply by 27.0% in the first quarter. Suntrust Banks Inc. now owns 11,433 shares of the company’s stock valued at $561,000 after buying an additional 2,433 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in shares of Beacon Roofing Supply by 4.6% in the first quarter. Massmutual Trust Co. FSB ADV now owns 5,684 shares of the company’s stock valued at $279,000 after buying an additional 248 shares during the last quarter.

The stock has a market capitalization of $2.84 billion, a PE ratio of 27.89 and a beta of 1.32. The company has a 50 day moving average of $44.85 and a 200 day moving average of $47.44.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Wednesday, August 2nd. The company reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by $0.06. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.27 billion. Beacon Roofing Supply had a return on equity of 9.55% and a net margin of 2.42%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $0.77 earnings per share. On average, equities analysts predict that Beacon Roofing Supply, Inc. will post $2.20 EPS for the current fiscal year.

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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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