Beacon Roofing Supply (NASDAQ:BECN) Downgraded to Sector Perform Rating by Royal Bank of Canada

Royal Bank of Canada lowered shares of Beacon Roofing Supply (NASDAQ:BECN - Free Report) from an outperform rating to a sector perform rating in a report published on Wednesday morning, Marketbeat reports. They currently have $124.35 target price on the stock, up from their prior target price of $124.00.

BECN has been the topic of a number of other reports. Baird R W lowered Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 20th. William Blair reiterated a "market perform" rating on shares of Beacon Roofing Supply in a research report on Thursday, March 20th. Robert W. Baird upped their target price on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an "outperform" rating in a research report on Friday, February 28th. Zelman & Associates cut shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 16th. Finally, Stifel Nicolaus lowered shares of Beacon Roofing Supply from a "buy" rating to a "hold" rating and cut their price objective 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, nine have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of "Hold" and an average target price of $122.10.

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Beacon Roofing Supply Price Performance

BECN traded up $0.18 during trading on Wednesday, hitting $122.61. The company's stock had a trading volume of 2,038,333 shares, compared to its average volume of 1,056,841. Beacon Roofing Supply has a 12 month low of $77.54 and a 12 month high of $123.90. The stock has a market capitalization of $7.58 billion, a price-to-earnings ratio of 20.95 and a beta of 1.31. 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 firm's 50 day moving average price is $119.17 and its two-hundred day moving average price is $107.61.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. Sell-side analysts forecast that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beacon Roofing Supply

Several large investors have recently modified their holdings of BECN. Quarry LP grew its position in shares of Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company's stock valued at $26,000 after purchasing an additional 197 shares during the period. SBI Securities Co. Ltd. bought a new position in Beacon Roofing Supply in the fourth quarter valued at approximately $31,000. Versant Capital Management Inc boosted its holdings in shares of Beacon Roofing Supply by 133.7% in the first quarter. Versant Capital Management Inc now owns 388 shares of the company's stock valued at $48,000 after buying an additional 222 shares during the period. Johnson Financial Group Inc. bought a new stake in shares of Beacon Roofing Supply during the fourth quarter worth $54,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Beacon Roofing Supply by 38.1% during the fourth 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. 98.45% of the stock is currently 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.