Baird R W Downgrades Beacon Roofing Supply (NASDAQ:BECN) to Hold

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by investment analysts at Baird R W from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other research analysts also recently issued reports on the company. Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their price objective for the stock from $131.00 to $122.55 in a research report on Friday, February 7th. Zelman & Associates downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. BMO Capital Markets cut their price objective on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. William Blair restated a “market perform” rating on shares of Beacon Roofing Supply in a research report on Thursday. Finally, Loop Capital restated a “hold” rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a research report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Beacon Roofing Supply presently has a consensus rating of “Hold” and a consensus price target of $120.95.

Beacon Roofing Supply Price Performance

BECN stock opened at $123.77 on Thursday. The firm has a 50 day moving average of $117.35 and a 200-day moving average of $104.46. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $123.90. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The company has a market cap of $7.62 billion, a price-to-earnings ratio of 21.16 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.43 billion. As a group, equities analysts expect that Beacon Roofing Supply will post 7.22 EPS for the current fiscal year.

Institutional Trading of Beacon Roofing Supply

Several institutional investors have recently made changes to their positions in BECN. Intech Investment Management LLC purchased a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at $1,441,000. Charles Schwab Investment Management Inc. grew its stake in shares of Beacon Roofing Supply by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 603,748 shares of the company’s stock valued at $52,182,000 after buying an additional 5,497 shares during the period. Eagle Asset Management Inc. grew its stake in shares of Beacon Roofing Supply by 2.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 142,980 shares of the company’s stock valued at $12,358,000 after buying an additional 3,156 shares during the period. Citigroup Inc. grew its stake in shares of Beacon Roofing Supply by 1,192.1% during the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after buying an additional 473,937 shares during the period. Finally, Fisher Asset Management LLC grew its stake in shares of Beacon Roofing Supply by 0.3% during the 3rd quarter. Fisher Asset Management LLC now owns 993,715 shares of the company’s stock valued at $85,887,000 after buying an additional 2,607 shares during the period. 98.45% of the stock is owned by hedge funds and other 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.