Beacon Roofing Supply (NASDAQ:BECN) Earns Hold Rating from Evercore ISI

Evercore ISI restated their hold rating on shares of Beacon Roofing Supply (NASDAQ:BECN) in a report issued on Thursday, AnalystRatings.com reports. The firm currently has a $31.00 price target on the stock.

“We note that if rainfall was relatively normal, then revenues would apparently have matched our outlook, but EPS would have still fallen short by ~$0.15. Along with earnings, BECN lowered its FY19 guidance for sales ($7.1-$7.2bn), EBITDA ($490-$510mm), and EPS ($2.30-$2.50; 4Q midpoint of $1.33).”,” the firm’s analyst wrote.

Several other equities analysts also recently weighed in on the company. Raymond James decreased their target price on Beacon Roofing Supply from $45.00 to $40.00 and set an outperform rating on the stock in a research report on Monday, June 10th. Wells Fargo & Co restated a hold rating on shares of Beacon Roofing Supply in a research report on Wednesday, May 8th. ValuEngine downgraded Beacon Roofing Supply from a hold rating to a sell rating in a research report on Tuesday, May 28th. BidaskClub downgraded Beacon Roofing Supply from a buy rating to a hold rating in a research report on Friday, July 12th. Finally, Wedbush restated a neutral rating and issued a $33.00 target price on shares of Beacon Roofing Supply in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. Beacon Roofing Supply currently has a consensus rating of Hold and a consensus price target of $34.93.

BECN stock traded up $0.70 during mid-day trading on Thursday, reaching $29.47. 908,331 shares of the company’s stock were exchanged, compared to its average volume of 750,908. The firm has a market capitalization of $1.97 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 1.05 and a beta of 1.40. The firm has a 50 day moving average of $35.75. The company has a current ratio of 2.07, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Beacon Roofing Supply has a 12-month low of $24.97 and a 12-month high of $42.00.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Tuesday, August 6th. The company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.32). The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Beacon Roofing Supply had a net margin of 0.15% and a return on equity of 9.63%. The business’s revenue was down .5% compared to the same quarter last year. During the same quarter last year, the business earned $1.18 EPS. Analysts predict that Beacon Roofing Supply will post 2.64 earnings per share for the current year.

In related news, major shareholder Cd&R Investment Associates Ix, acquired 4,625,998 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, June 28th. The shares were purchased at an average price of $34.17 per share, for a total transaction of $158,070,351.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO C Eric Swank sold 5,250 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $38.14, for a total value of $200,235.00. Following the transaction, the chief operating officer now owns 34,949 shares in the company, valued at approximately $1,332,954.86. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in Beacon Roofing Supply by 27.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,907,782 shares of the company’s stock worth $123,954,000 after buying an additional 849,333 shares in the last quarter. Iridian Asset Management LLC CT lifted its position in Beacon Roofing Supply by 14.4% during the second quarter. Iridian Asset Management LLC CT now owns 3,712,742 shares of the company’s stock worth $136,332,000 after buying an additional 466,956 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in Beacon Roofing Supply during the first quarter worth approximately $36,419,000. Victory Capital Management Inc. lifted its position in Beacon Roofing Supply by 19.0% during the first quarter. Victory Capital Management Inc. now owns 971,489 shares of the company’s stock worth $31,243,000 after buying an additional 155,379 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its stake in Beacon Roofing Supply by 1.1% during the second quarter. Stephens Investment Management Group LLC now owns 873,030 shares of the company’s stock worth $32,058,000 after acquiring an additional 9,127 shares during the last quarter.

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 solar systems.

Read More: What does a hold rating mean?

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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