Baird R W Downgrades Beacon Roofing Supply (NASDAQ:BECN) to Hold

Baird R W downgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from a strong-buy rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

Several other research firms have also issued reports on BECN. Loop Capital reaffirmed a “hold” rating and set a $124.00 price target on shares of Beacon Roofing Supply in a research report on Friday. Zelman & Associates lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. William Blair reaffirmed a “market perform” rating on shares of Beacon Roofing Supply in a research report on Thursday. Stifel Nicolaus lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and dropped their price target for the stock from $131.00 to $122.55 in a research report on Friday, February 7th. Finally, Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Beacon Roofing Supply has a consensus rating of “Hold” and a consensus price target of $120.95.

Beacon Roofing Supply Stock Performance

Shares of BECN opened at $123.77 on Thursday. Beacon Roofing Supply has a 12 month low of $77.54 and a 12 month high of $123.90. The firm has a fifty day simple moving average of $117.35 and a 200 day simple moving average of $104.59. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 21.16 and a beta of 1.63. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Research analysts forecast that Beacon Roofing Supply will post 7.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

Several large investors have recently modified their holdings of the stock. FMR LLC increased its position in Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after acquiring an additional 963,633 shares during the period. Norges Bank bought a new position in Beacon Roofing Supply during the fourth quarter worth about $94,573,000. Balyasny Asset Management L.P. bought a new position in Beacon Roofing Supply during the fourth quarter worth about $68,588,000. Janus Henderson Group PLC increased its position in Beacon Roofing Supply by 1,449.0% during the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after acquiring an additional 575,852 shares during the period. Finally, Citigroup Inc. increased its position in Beacon Roofing Supply by 1,192.1% during the third quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after acquiring an additional 473,937 shares during the period. 98.45% of the stock is owned by 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.