Beacon Roofing Supply (BECN) Upgraded at Wells Fargo & Co

Wells Fargo & Co upgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from an underperform rating to a market perform rating in a research report released on Wednesday, MarketBeat.com reports. Wells Fargo & Co currently has $32.00 price target on the stock.

Several other analysts have also recently issued reports on the company. Robert W. Baird cut Beacon Roofing Supply from an outperform rating to a neutral rating and dropped their target price for the company from $55.00 to $37.00 in a research report on Tuesday, October 2nd. Longbow Research reaffirmed a buy rating on shares of Beacon Roofing Supply in a research report on Monday, September 24th. Wedbush reaffirmed an outperform rating and set a $50.00 target price on shares of Beacon Roofing Supply in a research report on Thursday, August 23rd. William Blair cut Beacon Roofing Supply from an outperform rating to a market perform rating and set a $33.00 target price on the stock. in a research report on Monday, October 8th. Finally, BidaskClub cut Beacon Roofing Supply from a sell rating to a strong sell rating in a research report on Friday, October 19th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $41.60.

BECN opened at $33.01 on Wednesday. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 0.49 and a beta of 1.44. Beacon Roofing Supply has a 52 week low of $24.97 and a 52 week high of $66.47. The company has a current ratio of 1.59, a quick ratio of 1.14 and a debt-to-equity ratio of 1.38.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Monday, November 19th. The company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.29). The firm had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Beacon Roofing Supply had a return on equity of 11.23% and a net margin of 1.54%. The company’s revenue for the quarter was up 50.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.93 earnings per share. On average, equities research analysts forecast that Beacon Roofing Supply will post 3.5 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of BECN. Advisors Asset Management Inc. boosted its position in shares of Beacon Roofing Supply by 1,809.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 61,196 shares of the company’s stock worth $119,000 after purchasing an additional 57,991 shares in the last quarter. Cim Investment Mangement Inc. acquired a new stake in shares of Beacon Roofing Supply in the 3rd quarter worth $205,000. Jane Street Group LLC acquired a new stake in shares of Beacon Roofing Supply in the 2nd quarter worth $226,000. Eqis Capital Management Inc. acquired a new stake in shares of Beacon Roofing Supply in the 2nd quarter worth $261,000. Finally, CIBC World Markets Inc. acquired a new stake in shares of Beacon Roofing Supply in the 2nd quarter worth $277,000.

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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