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

Beacon Roofing Supply (NASDAQ:BECNGet Rating) was downgraded by research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a note issued to investors on Wednesday, The Fly reports. They currently have a $58.00 price objective on the stock, down from their previous price objective of $70.00. Royal Bank of Canada’s price target suggests a potential upside of 17.17% from the company’s previous close.

Several other analysts have also recently weighed in on the stock. StockNews.com started coverage on shares of Beacon Roofing Supply in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Wells Fargo & Company increased their price target on shares of Beacon Roofing Supply from $59.00 to $67.00 and gave the company an “equal weight” rating in a research note on Thursday, April 21st. Robert W. Baird increased their price target on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research note on Friday, May 6th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating for the company in a research note on Wednesday, April 20th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply currently has a consensus rating of “Hold” and a consensus price target of $63.63.

BECN stock opened at $49.50 on Wednesday. The company has a market cap of $3.40 billion, a price-to-earnings ratio of 14.31 and a beta of 1.77. The company has a current ratio of 1.85, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Beacon Roofing Supply has a 12 month low of $45.71 and a 12 month high of $65.30. The firm has a 50-day moving average of $59.58 and a two-hundred day moving average of $57.77.

Beacon Roofing Supply (NASDAQ:BECNGet Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.43 billion. Beacon Roofing Supply had a net margin of 4.24% and a return on equity of 26.21%. As a group, equities analysts forecast that Beacon Roofing Supply will post 6.58 earnings per share for the current year.

In other news, major shareholder Cd&R Investment Associates Ix, acquired 102,219 shares of the business’s stock in a transaction dated Friday, April 29th. The stock was acquired at an average price of $58.70 per share, with a total value of $6,000,255.30. Following the completion of the transaction, the insider now directly owns 14,755,648 shares in the company, valued at approximately $866,156,537.60. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.95% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Clayton Dubilier & Rice LLC raised its position in shares of Beacon Roofing Supply by 0.8% in the first quarter. Clayton Dubilier & Rice LLC now owns 14,671,917 shares of the company’s stock valued at $869,751,000 after buying an additional 112,962 shares during the last quarter. American Century Companies Inc. increased its position in Beacon Roofing Supply by 8.6% during the first quarter. American Century Companies Inc. now owns 3,622,807 shares of the company’s stock worth $214,760,000 after purchasing an additional 285,685 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its position in Beacon Roofing Supply by 9.7% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,160,787 shares of the company’s stock worth $123,921,000 after purchasing an additional 191,517 shares during the last quarter. JPMorgan Chase & Co. increased its position in Beacon Roofing Supply by 560.5% during the fourth quarter. JPMorgan Chase & Co. now owns 2,085,625 shares of the company’s stock worth $119,611,000 after purchasing an additional 1,769,848 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its position in Beacon Roofing Supply by 0.7% during the first quarter. Frontier Capital Management Co. LLC now owns 1,408,741 shares of the company’s stock worth $83,510,000 after purchasing an additional 9,922 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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