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

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Wednesday,Finviz reports.

Several other research analysts have also recently weighed in on the stock. Raymond James cut shares of Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a report on Friday, March 21st. William Blair reaffirmed a “market perform” rating on shares of Beacon Roofing Supply in a research note on Thursday, March 20th. Robert W. Baird lifted their price target on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Loop Capital reaffirmed a “hold” rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, March 21st. Finally, Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Beacon Roofing Supply has a consensus rating of “Hold” and an average target price of $120.95.

Beacon Roofing Supply Price Performance

BECN opened at $123.78 on Wednesday. The stock has a market cap of $7.62 billion, a P/E ratio of 21.16 and a beta of 1.63. Beacon Roofing Supply has a 12 month low of $77.54 and a 12 month high of $123.90. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The company has a fifty day simple moving average of $118.65 and a 200 day simple moving average of $106.53.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates 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. On average, research analysts expect that Beacon Roofing Supply will post 7.22 EPS for the current year.

Institutional Trading of Beacon Roofing Supply

A number of large investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at about $31,000. Quarry LP raised its stake in Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after buying an additional 197 shares during the period. Johnson Financial Group Inc. acquired a new stake in shares of Beacon Roofing Supply in the fourth quarter valued at approximately $54,000. PNC Financial Services Group Inc. boosted its stake in shares of Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after acquiring an additional 163 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its holdings in shares of Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock worth $73,000 after acquiring an additional 150 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Beacon Roofing Supply Company Profile

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.