Beacon Roofing Supply (NASDAQ:BECN) Upgraded to Hold by ValuEngine

Beacon Roofing Supply (NASDAQ:BECN) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, ValuEngine reports.

BECN has been the topic of several other reports. Loop Capital started coverage on shares of Beacon Roofing Supply in a research note on Monday, January 6th. They issued a “buy” rating and a $37.00 price target on the stock. Zacks Investment Research raised shares of Beacon Roofing Supply from a “sell” rating to a “hold” rating and set a $28.00 price target on the stock in a research note on Wednesday, November 27th. Wedbush reduced their target price on shares of Beacon Roofing Supply from $29.00 to $28.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Raymond James downgraded shares of Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 27th. Finally, BidaskClub downgraded shares of Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 19th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $32.86.

Shares of NASDAQ:BECN traded up $3.02 during midday trading on Wednesday, hitting $18.39. The company’s stock had a trading volume of 1,260,290 shares, compared to its average volume of 690,560. The business’s 50 day simple moving average is $27.37 and its 200 day simple moving average is $31.28. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.09 and a current ratio of 2.01. The company has a market cap of $1.27 billion, a P/E ratio of -19.99 and a beta of 1.18. Beacon Roofing Supply has a 12-month low of $11.66 and a 12-month high of $40.00.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Monday, February 3rd. The company reported $0.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.02). The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Beacon Roofing Supply had a positive return on equity of 8.60% and a negative net margin of 0.47%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.60 earnings per share. On average, sell-side analysts predict that Beacon Roofing Supply will post 2.42 earnings per share for the current fiscal year.

In other news, Director Richard W. Frost bought 3,330 shares of Beacon Roofing Supply stock in a transaction on Wednesday, February 26th. The shares were bought at an average cost of $29.73 per share, with a total value of $99,000.90. 1.40% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its position in shares of Beacon Roofing Supply by 148.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 970 shares of the company’s stock valued at $31,000 after acquiring an additional 580 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Beacon Roofing Supply during the fourth quarter valued at about $67,000. Penserra Capital Management LLC increased its position in shares of Beacon Roofing Supply by 88.4% during the fourth quarter. Penserra Capital Management LLC now owns 2,544 shares of the company’s stock valued at $82,000 after acquiring an additional 1,194 shares during the last quarter. Sailer Financial LLC acquired a new stake in shares of Beacon Roofing Supply during the fourth quarter valued at about $118,000. Finally, Great West Life Assurance Co. Can acquired a new stake in shares of Beacon Roofing Supply during the fourth quarter valued at about $141,000.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.

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Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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