Robert W. Baird Forecasts Strong Price Appreciation for Beacon Roofing Supply (NASDAQ:BECN) Stock

Beacon Roofing Supply (NASDAQ:BECN) had its price target hoisted by analysts at Robert W. Baird from $120.00 to $124.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 7.84% from the company’s previous close.

A number of other research analysts have also weighed in on BECN. Zelman & Associates lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. BMO Capital Markets raised their target price on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. Stifel Nicolaus lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. Benchmark reaffirmed a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Finally, Stephens reaffirmed an “equal weight” rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $120.62.

Beacon Roofing Supply Trading Down 0.3 %

Beacon Roofing Supply stock opened at $114.99 on Friday. The stock has a market cap of $7.08 billion, a P/E ratio of 19.68 and a beta of 1.62. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $121.42. The firm’s 50 day moving average price is $112.01 and its 200-day moving average price is $101.05.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.01). The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. On average, equities analysts predict that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Institutional Trading of Beacon Roofing Supply

A number of large investors have recently modified their holdings of the company. US Bancorp DE boosted its holdings in shares of Beacon Roofing Supply by 2.3% in the third quarter. US Bancorp DE now owns 5,255 shares of the company’s stock valued at $454,000 after purchasing an additional 116 shares during the period. Equitable Trust Co. boosted its holdings in shares of Beacon Roofing Supply by 1.7% in the fourth quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock valued at $734,000 after purchasing an additional 122 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Beacon Roofing Supply by 26.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock valued at $73,000 after purchasing an additional 150 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Beacon Roofing Supply by 38.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock valued at $60,000 after purchasing an additional 163 shares during the period. Finally, Cornerstone Investment Partners LLC boosted its holdings in shares of Beacon Roofing Supply by 3.6% in the fourth quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock valued at $480,000 after purchasing an additional 166 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Company Profile

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.