Beacon Roofing Supply (BECN) Cut to Market Perform at William Blair

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by equities research analysts at William Blair from an “outperform” rating to a “market perform” rating in a report released on Monday, The Fly reports.

Other equities research analysts also recently issued reports about the company. BidaskClub downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research note on Tuesday, July 3rd. Citigroup raised Beacon Roofing Supply from a “neutral” rating to a “buy” rating in a research note on Wednesday, June 27th. Wedbush reduced their price objective on Beacon Roofing Supply from $65.00 to $50.00 and set an “outperform” rating for the company in a research note on Wednesday, August 8th. Seaport Global Securities set a $52.00 price objective on Beacon Roofing Supply and gave the stock a “buy” rating in a research note on Sunday, August 12th. Finally, Zacks Investment Research lowered Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research report on Tuesday, July 10th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $51.50.

Shares of Beacon Roofing Supply stock opened at $33.34 on Monday. The stock has a market capitalization of $2.46 billion, a P/E ratio of 15.29, a price-to-earnings-growth ratio of 0.63 and a beta of 1.15. The company has a debt-to-equity ratio of 1.63, a current ratio of 2.07 and a quick ratio of 1.14. Beacon Roofing Supply has a 1 year low of $32.66 and a 1 year high of $66.47.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Tuesday, August 7th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.14). The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Beacon Roofing Supply had a return on equity of 9.94% and a net margin of 1.65%. During the same period in the prior year, the company posted $0.84 earnings per share. On average, research analysts forecast that Beacon Roofing Supply will post 3.03 earnings per share for the current year.

In other news, major shareholder Cd&R Investment Associates Ix, bought 314,400 shares of the company’s stock in a transaction on Thursday, August 9th. The shares were bought at an average cost of $38.77 per share, with a total value of $12,189,288.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Philip Knisely bought 6,000 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was purchased at an average cost of $37.14 per share, for a total transaction of $222,840.00. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at $222,840. The disclosure for this purchase can be found here. Corporate insiders own 0.77% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Riverbridge Partners LLC increased its holdings in shares of Beacon Roofing Supply by 32.7% during the 3rd quarter. Riverbridge Partners LLC now owns 1,705,081 shares of the company’s stock valued at $61,707,000 after acquiring an additional 419,731 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Beacon Roofing Supply by 14.7% during the 2nd quarter. Northern Trust Corp now owns 1,092,923 shares of the company’s stock valued at $46,581,000 after acquiring an additional 140,359 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Beacon Roofing Supply by 47.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,628,136 shares of the company’s stock valued at $69,392,000 after acquiring an additional 522,722 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Beacon Roofing Supply by 11.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 241,690 shares of the company’s stock valued at $10,301,000 after acquiring an additional 25,517 shares during the last quarter. Finally, Davidson Kempner Capital Management LP acquired a new position in shares of Beacon Roofing Supply during the 2nd quarter valued at about $8,520,000.

Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and other accessories.

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Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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