William Blair Downgrades Beacon Roofing Supply (NASDAQ:BECN) to Market Perform


William Blair lowered shares of Beacon Roofing Supply (NASDAQ:BECNGet Rating) from an outperform rating to a market perform rating in a research note published on Tuesday, Marketbeat.com reports.

A number of other analysts have also recently commented on the stock. StockNews.com assumed coverage on shares of Beacon Roofing Supply in a research note on Thursday, March 31st. They set a hold rating for the company. JPMorgan Chase & Co. cut their target price on shares of Beacon Roofing Supply from $66.00 to $59.00 in a research note on Friday, July 15th. Robert W. Baird boosted their target price on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research note on Friday, May 6th. Royal Bank of Canada cut shares of Beacon Roofing Supply from an outperform rating to a sector perform rating and cut their target price for the stock from $70.00 to $58.00 in a research note on Wednesday, June 22nd. Finally, Wells Fargo & Company lowered their price target on shares of Beacon Roofing Supply from $67.00 to $56.00 and set an equal weight rating on the stock in a research report on Tuesday, June 28th. Nine analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply has a consensus rating of Hold and an average price target of $61.38.

Beacon Roofing Supply Stock Up 1.6 %

BECN opened at $56.10 on Tuesday. Beacon Roofing Supply has a fifty-two week low of $45.71 and a fifty-two week high of $65.30. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 1.85. The company has a fifty day moving average of $56.99 and a two-hundred day moving average of $57.61. The stock has a market capitalization of $3.86 billion, a price-to-earnings ratio of 16.21 and a beta of 1.78.

Beacon Roofing Supply (NASDAQ:BECNGet Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. Beacon Roofing Supply had a net margin of 4.24% and a return on equity of 26.21%. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.43 billion. On average, research analysts expect that Beacon Roofing Supply will post 6.61 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Cd&R Investment Associates Ix, bought 102,219 shares of the firm’s stock in a transaction on Friday, April 29th. The shares were bought at an average cost of $58.70 per share, for a total transaction of $6,000,255.30. Following the acquisition, the insider now directly owns 14,755,648 shares of the company’s stock, valued at approximately $866,156,537.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Institutional investors and hedge funds have recently bought and sold shares of the company. Ellevest Inc. boosted its holdings in Beacon Roofing Supply by 1,193.9% in the 1st quarter. Ellevest Inc. now owns 427 shares of the company’s stock valued at $25,000 after purchasing an additional 394 shares during the last quarter. Advisor Group Holdings Inc. lifted its holdings in shares of Beacon Roofing Supply by 37.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock worth $65,000 after acquiring an additional 300 shares during the last quarter. Gladius Capital Management LP acquired a new position in shares of Beacon Roofing Supply in the 4th quarter worth approximately $92,000. Nisa Investment Advisors LLC acquired a new position in shares of Beacon Roofing Supply in the 1st quarter worth approximately $136,000. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Beacon Roofing Supply by 43.7% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,411 shares of the company’s stock worth $138,000 after acquiring an additional 733 shares during the last quarter.

Beacon Roofing Supply Company Profile

(Get Rating)

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It 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.

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Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)



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