Beacon Roofing Supply, Inc. (BECN) Hits New 1-Year High Following Analyst Upgrade
Beacon Roofing Supply, Inc. (NASDAQ:BECN) hit a new 52-week high during mid-day trading on Tuesday after SunTrust Banks raised their price target on the stock to $62.00. SunTrust Banks currently has a buy rating on the stock. Beacon Roofing Supply traded as high as $58.20 and last traded at $56.28, with a volume of 1002000 shares changing hands. The stock had previously closed at $55.63.
A number of other analysts have also recently commented on BECN. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $63.00 price target (up from $62.00) on shares of Beacon Roofing Supply in a research note on Tuesday. Wedbush reaffirmed a “neutral” rating and issued a $46.00 price target (down from $52.00) on shares of Beacon Roofing Supply in a research note on Friday, November 17th. Wells Fargo & Company assumed coverage on Beacon Roofing Supply in a research note on Wednesday, October 18th. They issued a “market perform” rating and a $58.00 price target for the company. KeyCorp reaffirmed a “buy” rating and issued a $56.00 price target on shares of Beacon Roofing Supply in a research note on Sunday, October 15th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $55.00 price target on shares of Beacon Roofing Supply in a research note on Thursday, October 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $55.75.
Hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its position in Beacon Roofing Supply by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,061,255 shares of the company’s stock worth $51,999,000 after buying an additional 22,749 shares during the period. BlackRock Inc. increased its position in shares of Beacon Roofing Supply by 1.2% in the second quarter. BlackRock Inc. now owns 4,069,752 shares of the company’s stock worth $199,416,000 after purchasing an additional 47,779 shares during the period. Lord Abbett & CO. LLC increased its position in shares of Beacon Roofing Supply by 10.4% in the second 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 during the period. Swiss National Bank increased its position in shares of Beacon Roofing Supply by 19.8% in the second quarter. Swiss National Bank now owns 100,000 shares of the company’s stock worth $4,900,000 after purchasing an additional 16,500 shares during the period. Finally, Marshall Wace North America L.P. bought a new position in shares of Beacon Roofing Supply in the second quarter worth $533,000. Hedge funds and other institutional investors own 97.28% of the company’s stock.
The company has a quick ratio of 1.36, a current ratio of 2.30 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $3,940.00, a PE ratio of 26.24, a P/E/G ratio of 2.55 and a beta of 1.45.
Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Monday, November 20th. The company reported $0.93 EPS for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.01). Beacon Roofing Supply had a return on equity of 9.55% and a net margin of 2.42%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the business posted $0.88 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. sell-side analysts expect that Beacon Roofing Supply, Inc. will post 2.19 earnings per share for the current year.
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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