Beacon Roofing Supply’s (BECN) Market Perform Rating Reaffirmed at William Blair

Beacon Roofing Supply (NASDAQ:BECN)‘s stock had its “market perform” rating reissued by equities research analysts at William Blair in a research report issued to clients and investors on Thursday,Benzinga reports.

A number of other equities analysts also recently commented on BECN. Zelman & Associates downgraded shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. BMO Capital Markets cut their price objective on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a research report on Monday. They set a “sell” rating for the company. Robert W. Baird increased their price target on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, February 28th. Finally, Stifel Nicolaus downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their price target for the company from $131.00 to $122.55 in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $119.95.

Beacon Roofing Supply Stock Performance

NASDAQ:BECN traded up $2.28 during trading hours on Thursday, reaching $123.81. 20,786,358 shares of the company’s stock were exchanged, compared to its average volume of 831,409. The firm has a market capitalization of $7.62 billion, a price-to-earnings ratio of 21.16 and a beta of 1.63. The company has a 50-day moving average of $116.16 and a 200 day moving average of $103.97. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $123.93.

Beacon Roofing Supply (NASDAQ:BECN) last issued 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 business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Research analysts anticipate that Beacon Roofing Supply will post 7.22 EPS for the current year.

Hedge Funds Weigh In On Beacon Roofing Supply

Several hedge funds have recently added to or reduced their stakes in the business. Equitable Trust Co. increased its holdings in Beacon Roofing Supply by 1.7% during the 4th quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock valued at $734,000 after acquiring an additional 122 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock worth $73,000 after purchasing an additional 150 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after purchasing an additional 163 shares during the last quarter. Cornerstone Investment Partners LLC boosted its stake in shares of Beacon Roofing Supply by 3.6% during the 4th quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock worth $480,000 after purchasing an additional 166 shares during the last quarter. Finally, HighTower Advisors LLC boosted its stake in shares of Beacon Roofing Supply by 7.3% during the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock worth $234,000 after purchasing an additional 181 shares during the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

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.