Beacon Roofing Supply (NASDAQ:BECN) Lowered to “Sector Perform” Rating by Royal Bank of Canada

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by equities researchers at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Wednesday,Finviz reports.

Several other brokerages also recently issued reports on BECN. Benchmark reissued a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a report on Monday, March 3rd. Raymond James lowered Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 21st. Zelman & Associates downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. StockNews.com began coverage on Beacon Roofing Supply in a report on Wednesday. They set a “sell” rating on the stock. Finally, BMO Capital Markets cut their price target on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $120.95.

Beacon Roofing Supply Trading Up 0.1 %

BECN stock opened at $123.78 on Wednesday. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $123.90. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The business’s 50 day moving average is $118.65 and its 200-day moving average is $106.53. The firm has a market cap of $7.62 billion, a P/E ratio of 21.16 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. Equities analysts anticipate that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

Several large investors have recently bought and sold shares of BECN. Charles Schwab Investment Management Inc. raised its position in shares of Beacon Roofing Supply by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 615,174 shares of the company’s stock valued at $62,489,000 after acquiring an additional 11,426 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Beacon Roofing Supply in the fourth quarter valued at about $24,162,000. Barclays PLC lifted its stake in Beacon Roofing Supply by 272.0% in the third quarter. Barclays PLC now owns 122,024 shares of the company’s stock valued at $10,547,000 after buying an additional 89,222 shares during the period. Fisher Asset Management LLC lifted its stake in Beacon Roofing Supply by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company’s stock valued at $103,011,000 after buying an additional 20,372 shares during the period. Finally, Boston Partners boosted its holdings in Beacon Roofing Supply by 1.3% during the fourth quarter. Boston Partners now owns 4,531,106 shares of the company’s stock worth $462,417,000 after buying an additional 59,630 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.