Beacon Roofing Supply, Inc. (BECN) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) in a report issued on Wednesday morning. The brokerage issued a market perform rating and a $58.00 target price on the stock.

BECN has been the topic of several other reports. BidaskClub downgraded Beacon Roofing Supply from a hold rating to a sell rating in a research note on Tuesday, July 25th. SunTrust Banks, Inc. restated a buy rating on shares of Beacon Roofing Supply in a research note on Tuesday, September 12th. Northcoast Research upgraded Beacon Roofing Supply from a neutral rating to a buy rating and set a $53.00 target price on the stock in a research note on Friday, August 25th. Royal Bank Of Canada restated a buy rating and set a $53.00 target price on shares of Beacon Roofing Supply in a research note on Tuesday, October 10th. Finally, Jefferies Group LLC upgraded Beacon Roofing Supply from a hold rating to a buy rating and boosted their target price for the stock from $50.00 to $54.00 in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. Beacon Roofing Supply has an average rating of Hold and a consensus target price of $53.17.

Shares of Beacon Roofing Supply (BECN) traded up 1.33% on Wednesday, hitting $54.79. The stock had a trading volume of 1,200,196 shares. The company has a market cap of $3.31 billion, a P/E ratio of 32.54 and a beta of 1.32. Beacon Roofing Supply has a 12 month low of $39.57 and a 12 month high of $54.89. The company’s 50 day moving average price is $50.37 and its 200-day moving average price is $48.29.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Wednesday, August 2nd. The company reported $0.84 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.90 by ($0.06). Beacon Roofing Supply had a return on equity of 9.55% and a net margin of 2.42%. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the firm earned $0.77 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts expect that Beacon Roofing Supply will post $2.19 earnings per share for the current year.

WARNING: “Beacon Roofing Supply, Inc. (BECN) Coverage Initiated by Analysts at Wells Fargo & Company” was posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this news story on another site, it was illegally stolen and reposted in violation of United States and international trademark and copyright law. The legal version of this news story can be viewed at https://ledgergazette.com/2017/10/19/beacon-roofing-supply-inc-becn-coverage-initiated-by-analysts-at-wells-fargo-company.html.

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in Beacon Roofing Supply by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,061,255 shares of the company’s stock worth $51,999,000 after acquiring an additional 22,749 shares during the period. Vanguard Group Inc. lifted its position in Beacon Roofing Supply by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 4,845,530 shares of the company’s stock worth $238,207,000 after acquiring an additional 246,233 shares during the period. State Street Corp lifted its position in Beacon Roofing Supply by 2.4% during the 1st quarter. State Street Corp now owns 1,115,764 shares of the company’s stock worth $54,844,000 after acquiring an additional 26,202 shares during the period. BlackRock Inc. lifted its position in Beacon Roofing Supply by 1.2% during the 2nd quarter. BlackRock Inc. now owns 4,069,752 shares of the company’s stock worth $199,416,000 after acquiring an additional 47,779 shares during the period. Finally, Swiss National Bank lifted its position in Beacon Roofing Supply by 19.8% during the 2nd quarter. Swiss National Bank now owns 100,000 shares of the company’s stock worth $4,900,000 after acquiring an additional 16,500 shares

BECN has been the topic of several other reports. BidaskClub downgraded Beacon Roofing Supply from a hold rating to a sell rating in a research note on Tuesday, July 25th. SunTrust Banks, Inc. restated a buy rating on shares of Beacon Roofing Supply in a research note on Tuesday, September 12th. Northcoast Research upgraded Beacon Roofing Supply from a neutral rating to a buy rating and set a $53.00 target price on the stock in a research note on Friday, August 25th. Royal Bank Of Canada restated a buy rating and set a $53.00 target price on shares of Beacon Roofing Supply in a research note on Tuesday, October 10th. Finally, Jefferies Group LLC upgraded Beacon Roofing Supply from a hold rating to a buy rating and boosted their target price for the stock from $50.00 to $54.00 in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. Beacon Roofing Supply has an average rating of Hold and a consensus target price of $53.17.

Shares of Beacon Roofing Supply (BECN) traded up 1.33% on Wednesday, hitting $54.79. The stock had a trading volume of 1,200,196 shares. The company has a market cap of $3.31 billion, a P/E ratio of 32.54 and a beta of 1.32. Beacon Roofing Supply has a 12 month low of $39.57 and a 12 month high of $54.89. The company’s 50 day moving average price is $50.37 and its 200-day moving average price is $48.29.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Wednesday, August 2nd. The company reported $0.84 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.90 by ($0.06). Beacon Roofing Supply had a return on equity of 9.55% and a net margin of 2.42%. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the firm earned $0.77 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts expect that Beacon Roofing Supply will post $2.19 earnings per share for the current year.

WARNING: “Beacon Roofing Supply, Inc. (BECN) Coverage Initiated by Analysts at Wells Fargo & Company” was posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this news story on another site, it was illegally stolen and reposted in violation of United States and international trademark and copyright law. The legal version of this news story can be viewed at https://ledgergazette.com/2017/10/19/beacon-roofing-supply-inc-becn-coverage-initiated-by-analysts-at-wells-fargo-company.html.

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its position in Beacon Roofing Supply by 2.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,061,255 shares of the company’s stock worth $51,999,000 after acquiring an additional 22,749 shares during the period. Vanguard Group Inc. lifted its position in Beacon Roofing Supply by 5.4% during the 1st quarter. Vanguard Group Inc. now owns 4,845,530 shares of the company’s stock worth $238,207,000 after acquiring an additional 246,233 shares during the period. State Street Corp lifted its position in Beacon Roofing Supply by 2.4% during the 1st quarter. State Street Corp now owns 1,115,764 shares of the company’s stock worth $54,844,000 after acquiring an additional 26,202 shares during the period. BlackRock Inc. lifted its position in Beacon Roofing Supply by 1.2% during the 2nd quarter. BlackRock Inc. now owns 4,069,752 shares of the company’s stock worth $199,416,000 after acquiring an additional 47,779 shares during the period. Finally, Swiss National Bank lifted its position in Beacon Roofing Supply by 19.8% during the 2nd quarter. Swiss National Bank now owns 100,000 shares of the company’s stock worth $4,900,000 after acquiring an additional 16,500 shares during the period. 90.92% of the stock is owned by institutional investors.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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