Brokerages Set Beacon Roofing Supply, Inc. (BECN) Price Target at $51.67
Beacon Roofing Supply, Inc. (NASDAQ:BECN) has been assigned a consensus recommendation of “Buy” from the twelve analysts that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $52.55.
BECN has been the topic of a number of recent analyst reports. Zacks Investment Research raised Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Wednesday, July 5th. SunTrust Banks, Inc. reissued a “buy” rating on shares of Beacon Roofing Supply in a research note on Tuesday, September 12th. Northcoast Research raised Beacon Roofing Supply from a “neutral” rating to a “buy” rating and set a $53.00 target price for the company in a research report on Friday, August 25th. BidaskClub lowered Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Finally, Royal Bank Of Canada decreased their target price 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.
A number of institutional investors have recently modified their holdings of BECN. BlackRock Inc. increased its position in Beacon Roofing Supply by 80,484.5% in the 1st quarter. BlackRock Inc. now owns 4,021,973 shares of the company’s stock valued at $197,720,000 after buying an additional 4,016,982 shares in the last quarter. BlueCrest Capital Management Ltd bought a new stake in Beacon Roofing Supply during the 1st quarter worth approximately $21,690,000. Cramer Rosenthal Mcglynn LLC increased its holdings in Beacon Roofing Supply by 51.2% during the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,174,020 shares of the company’s stock worth $57,527,000 after purchasing an additional 397,770 shares in the last quarter. Vanguard Group Inc. increased its holdings in Beacon Roofing Supply by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 4,845,530 shares of the company’s stock worth $238,207,000 after purchasing an additional 246,233 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in Beacon Roofing Supply by 10.4% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,873,615 shares of the company’s stock worth $91,807,000 after purchasing an additional 176,659 shares in the last quarter. 91.22% of the stock is owned by institutional investors and hedge funds.
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Shares of Beacon Roofing Supply (NASDAQ BECN) traded down 0.27% during midday trading on Friday, hitting $52.60. The company’s stock had a trading volume of 860,272 shares. Beacon Roofing Supply has a 1-year low of $39.57 and a 1-year high of $53.11. The company has a 50-day moving average price of $48.17 and a 200 day moving average price of $48.06. The company has a market cap of $3.18 billion, a P/E ratio of 31.24 and a beta of 1.32.
Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.06). The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.27 billion. Beacon Roofing Supply had a net margin of 2.42% and a return on equity of 9.55%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.77 earnings per share. On average, equities research analysts predict that Beacon Roofing Supply will post $2.19 EPS for the current year.
About Beacon Roofing Supply
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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