StockNews.com Downgrades Beacon Roofing Supply (NASDAQ:BECN) to Hold

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Monday.

A number of other equities analysts also recently commented on BECN. Robert W. Baird raised Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $99.00 to $115.00 in a research report on Thursday, February 29th. TheStreet raised Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. Stifel Nicolaus boosted their price objective on Beacon Roofing Supply from $115.00 to $119.00 and gave the stock a “buy” rating in a research report on Tuesday, December 19th. Loop Capital boosted their price objective on Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. lowered their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating for the company in a research report on Thursday, January 11th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.27.

Beacon Roofing Supply Stock Performance

BECN opened at $99.72 on Monday. Beacon Roofing Supply has a 12-month low of $54.90 and a 12-month high of $102.83. The company has a current ratio of 1.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $6.33 billion, a PE ratio of -212.17, a P/E/G ratio of 1.79 and a beta of 1.63. The firm has a 50 day moving average of $89.66 and a two-hundred day moving average of $83.45.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.22). The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.27 billion. Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. Beacon Roofing Supply’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period last year, the firm earned $1.18 earnings per share. On average, analysts anticipate that Beacon Roofing Supply will post 7.86 EPS for the current year.

Insider Activity at Beacon Roofing Supply

In other news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $93.87, for a total value of $306,767.16. Following the transaction, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the sale, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jason L. Taylor sold 1,805 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $95.00, for a total value of $171,475.00. Following the sale, the insider now owns 10,531 shares in the company, valued at $1,000,445. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Advisor Group Holdings Inc. grew its position 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 in the last quarter. Raymond James & Associates grew its position in shares of Beacon Roofing Supply by 11.6% in the 1st quarter. Raymond James & Associates now owns 13,449 shares of the company’s stock worth $797,000 after acquiring an additional 1,397 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Beacon Roofing Supply in the 1st quarter worth approximately $317,000. AlphaCrest Capital Management LLC grew its position in shares of Beacon Roofing Supply by 4.0% in the 1st quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock worth $419,000 after acquiring an additional 273 shares in the last quarter. Finally, Bank of Montreal Can grew its position in shares of Beacon Roofing Supply by 27.0% in the 1st quarter. Bank of Montreal Can now owns 10,659 shares of the company’s stock worth $665,000 after acquiring an additional 2,267 shares in the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

About Beacon Roofing Supply

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.