Beacon Roofing Supply (NASDAQ:BECN) Lowered to Hold Rating by Baird R W

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

Several other brokerages have also recently weighed in on BECN. Loop Capital reaffirmed a "hold" rating and set a $124.00 target price on shares of Beacon Roofing Supply in a research note on Friday, March 21st. Benchmark reaffirmed a "buy" rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. StockNews.com began coverage on shares of Beacon Roofing Supply in a report on Monday, March 17th. They issued a "sell" rating on the stock. William Blair restated a "market perform" rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Finally, Stifel Nicolaus cut Beacon Roofing Supply from a "buy" rating to a "hold" rating and dropped their price target for the company from $131.00 to $122.55 in a report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply has a consensus rating of "Hold" and a consensus target price of $120.95.

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Beacon Roofing Supply Price Performance

BECN stock traded up $0.04 during trading on Thursday, hitting $123.84. The company had a trading volume of 1,948,986 shares, compared to its average volume of 903,049. The business has a 50 day moving average of $118.02 and a 200 day moving average of $105.31. The firm has a market capitalization of $7.63 billion, a price-to-earnings ratio of 21.17 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 has a fifty-two week low of $77.54 and a fifty-two week high of $123.90.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share 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 company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. As a group, research analysts predict that Beacon Roofing Supply will post 7.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its position in Beacon Roofing Supply by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 615,174 shares of the company's stock worth $62,489,000 after acquiring an additional 11,426 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Beacon Roofing Supply during the third quarter worth approximately $1,441,000. Raymond James Financial Inc. purchased a new position in Beacon Roofing Supply during the fourth quarter valued at approximately $24,162,000. Barclays PLC increased its stake in Beacon Roofing Supply by 272.0% in the 3rd quarter. Barclays PLC now owns 122,024 shares of the company's stock valued at $10,547,000 after buying an additional 89,222 shares during the period. Finally, Fisher Asset Management LLC lifted its position in Beacon Roofing Supply by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company's stock worth $103,011,000 after buying an additional 20,372 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company's stock.

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.