Northcoast Research upgraded shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) from a neutral rating to a buy rating in a research note released on Friday morning, MarketBeat reports. They currently have $53.00 price objective on the stock.

Several other brokerages also recently weighed in on BECN. Royal Bank Of Canada upped their price objective on Beacon Roofing Supply from $51.00 to $58.00 and gave the stock an outperform rating in a research report on Monday, May 8th. Zacks Investment Research upgraded Beacon Roofing Supply from a hold rating to a buy rating and set a $55.00 price objective for the company in a research report on Wednesday, July 5th. Citigroup Inc. restated a buy rating and set a $52.00 price objective (up from $48.00) on shares of Beacon Roofing Supply in a research report on Thursday, May 11th. Wedbush restated a neutral rating and set a $47.00 price objective on shares of Beacon Roofing Supply in a research report on Wednesday, May 31st. Finally, BidaskClub downgraded Beacon Roofing Supply from a hold rating to a sell rating in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Beacon Roofing Supply presently has an average rating of Buy and an average target price of $51.70.

Shares of Beacon Roofing Supply (NASDAQ BECN) opened at 47.30 on Friday. The company has a market cap of $2.86 billion, a price-to-earnings ratio of 28.09 and a beta of 1.32. The company has a 50 day moving average of $44.85 and a 200-day moving average of $47.44. Beacon Roofing Supply has a 52 week low of $39.50 and a 52 week high of $52.12.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.84 earnings per share for the quarter, missing the 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 the consensus estimate of $1.27 billion. During the same quarter in the prior year, the company earned $0.77 earnings per share. Beacon Roofing Supply’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts expect that Beacon Roofing Supply will post $2.20 earnings per share for the current fiscal year.

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Institutional investors have recently modified their holdings of the company. 1st Global Advisors Inc. boosted its position in shares of Beacon Roofing Supply by 0.8% in the second quarter. 1st Global Advisors Inc. now owns 9,836 shares of the company’s stock worth $482,000 after buying an additional 76 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Beacon Roofing Supply by 0.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 41,064 shares of the company’s stock worth $2,019,000 after buying an additional 104 shares during the last quarter. Huntington National Bank boosted its position in shares of Beacon Roofing Supply by 3.8% in the second quarter. Huntington National Bank now owns 3,138 shares of the company’s stock worth $154,000 after buying an additional 116 shares during the last quarter. Bbva Compass Bancshares Inc. boosted its position in shares of Beacon Roofing Supply by 3.7% in the first quarter. Bbva Compass Bancshares Inc. now owns 5,953 shares of the company’s stock worth $293,000 after buying an additional 212 shares during the last quarter. Finally, Greenwood Capital Associates LLC boosted its position in shares of Beacon Roofing Supply by 5.3% in the first quarter. Greenwood Capital Associates LLC now owns 4,899 shares of the company’s stock worth $241,000 after buying an additional 247 shares during the last quarter.

Beacon Roofing Supply Company Profile

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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