Zacks Investment Research Upgrades Beacon Roofing Supply, Inc. (BECN) to Hold
Beacon Roofing Supply, Inc. (NASDAQ:BECN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday. The firm currently has a $58.00 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.62% from the stock’s current price.
According to Zacks, “Beacon Roofing lowered revenue growth range for 2017 to 5-6% reflecting lower-than-expected sales rate in the third quarter. The company guides adjusted earnings per share between $2.15 and $2.25 for 2017. The commercial roofing market has been experiencing competitive pricing pressures recently. Year-over-year comparisons in the Southwest will remain difficult during the coming quarters and Eastern Canada will be impacted by competitive pressure; limited big project work and unfavorable weather. Beacon Roofing has underperformed the industry, year-to-date. However, Beacon Roofing's pending acquisition of Allied Building Products for $2.625 billion will catapult it to one of the largest public wholesale building materials distributors in North America. Beacon Roofing is also expected to benefit from the rebuilding activity triggered by the two back-to-back hurricanes Harvey and Irma.”
A number of other brokerages have also recently issued reports on BECN. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Beacon Roofing Supply in a research note on Monday. KeyCorp reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday, September 12th. Citigroup Inc. upped their price objective on shares of Beacon Roofing Supply from $48.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, August 28th. BidaskClub cut shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $58.00 price objective on shares of Beacon Roofing Supply in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $52.55.
Beacon Roofing Supply (NASDAQ:BECN) opened at 52.91 on Tuesday. The company has a market cap of $3.19 billion, a P/E ratio of 31.42 and a beta of 1.32. The stock’s 50 day moving average is $47.50 and its 200 day moving average is $48.01. Beacon Roofing Supply has a 1-year low of $39.57 and a 1-year high of $53.01.
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 the Zacks’ consensus estimate of $0.90 by ($0.06). Beacon Roofing Supply had a net margin of 2.42% and a return on equity of 9.55%. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the company posted $0.77 EPS. Beacon Roofing Supply’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities analysts anticipate that Beacon Roofing Supply will post $2.19 earnings per share for the current fiscal year.
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Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in Beacon Roofing Supply during the 2nd quarter valued at $100,000. Advisors Asset Management Inc. raised its holdings in Beacon Roofing Supply by 36.7% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,105 shares of the company’s stock valued at $103,000 after buying an additional 565 shares during the last quarter. Huntington National Bank raised its holdings in Beacon Roofing Supply by 3.8% during the 2nd quarter. Huntington National Bank now owns 3,138 shares of the company’s stock valued at $154,000 after buying an additional 116 shares during the last quarter. Lloyds Banking Group plc raised its holdings in Beacon Roofing Supply by 37.7% during the 2nd quarter. Lloyds Banking Group plc now owns 3,694 shares of the company’s stock valued at $180,000 after buying an additional 1,012 shares during the last quarter. Finally, Advisor Group Inc. raised its holdings in Beacon Roofing Supply by 8.9% during the 2nd quarter. Advisor Group Inc. now owns 3,877 shares of the company’s stock valued at $190,000 after buying an additional 316 shares during the last quarter. Institutional investors own 91.22% of the company’s stock.
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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