KeyCorp Reiterates Buy Rating for Beacon Roofing Supply, Inc. (BECN)
Beacon Roofing Supply, Inc. (NASDAQ:BECN)‘s stock had its “buy” rating reissued by equities research analysts at KeyCorp in a research report issued on Sunday. They currently have a $56.00 target price on the stock. KeyCorp’s price objective would suggest a potential upside of 6.20% from the company’s previous close.
A number of other research firms have also recently issued reports on BECN. Zacks Investment Research upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a report on Wednesday, July 5th. SunTrust Banks, Inc. restated a “buy” rating on shares of Beacon Roofing Supply in a report on Tuesday, September 12th. Northcoast Research upgraded shares of Beacon Roofing Supply from a “neutral” rating to a “buy” rating and set a $53.00 price target for the company in a report on Friday, August 25th. Robert W. Baird reiterated a “buy” rating and issued a $55.00 target price on shares of Beacon Roofing Supply in a research note on Thursday, October 12th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $53.00 target price on shares of Beacon Roofing Supply in a research note on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $52.73.
Beacon Roofing Supply (NASDAQ BECN) opened at 52.73 on Friday. The company has a 50 day moving average price of $49.89 and a 200 day moving average price of $48.19. Beacon Roofing Supply has a 1-year low of $39.57 and a 1-year high of $53.11. The firm has a market cap of $3.18 billion, a PE ratio of 31.31 and a beta of 1.32.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results 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 firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the company earned $0.77 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that Beacon Roofing Supply will post $2.19 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in BECN. Vanguard Group Inc. lifted its stake in Beacon Roofing Supply by 1.0% during the second quarter. Vanguard Group Inc. now owns 4,892,191 shares of the company’s stock worth $239,718,000 after purchasing an additional 46,661 shares during the period. BlackRock Inc. lifted its stake in Beacon Roofing Supply by 1.2% during the second quarter. BlackRock Inc. now owns 4,069,752 shares of the company’s stock worth $199,416,000 after purchasing an additional 47,779 shares during the period. Dimensional Fund Advisors LP lifted its stake in Beacon Roofing Supply by 4.9% during the first quarter. Dimensional Fund Advisors LP now owns 2,409,749 shares of the company’s stock worth $118,462,000 after purchasing an additional 113,306 shares during the period. Lord Abbett & CO. LLC lifted its stake in Beacon Roofing Supply by 10.4% during the second quarter. Lord Abbett & CO. LLC now owns 1,873,615 shares of the company’s stock worth $91,807,000 after purchasing an additional 176,659 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in Beacon Roofing Supply by 2.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,510,316 shares of the company’s stock worth $74,247,000 after purchasing an additional 33,546 shares during the period. Institutional investors and hedge funds own 90.92% of the company’s stock.
About Beacon Roofing Supply
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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