SunTrust Banks, Inc. reissued their buy rating on shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) in a research note issued to investors on Tuesday morning.

Other equities analysts also recently issued reports about the stock. Northcoast Research raised shares of Beacon Roofing Supply from a neutral rating to a buy rating and set a $53.00 price target on the stock in a research note on Friday, August 25th. Jefferies Group LLC raised shares of Beacon Roofing Supply from a hold rating to a buy rating and raised their price target for the stock from $50.00 to $54.00 in a research note on Friday, August 25th. Zacks Investment Research raised shares of Beacon Roofing Supply from a hold rating to a buy rating and set a $55.00 price target on the stock in a research note on Wednesday, July 5th. Royal Bank Of Canada reissued a buy rating and issued a $58.00 price target on shares of Beacon Roofing Supply in a research note on Monday, July 24th. Finally, Citigroup Inc. raised their price target on shares of Beacon Roofing Supply from $48.00 to $51.00 and gave the stock a neutral rating in a research note on Monday, August 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Beacon Roofing Supply presently has an average rating of Buy and a consensus target price of $52.00.

Shares of Beacon Roofing Supply (BECN) opened at 48.77 on Tuesday. Beacon Roofing Supply has a 12 month low of $39.50 and a 12 month high of $52.12. The stock’s 50 day moving average is $44.67 and its 200 day moving average is $47.65. The stock has a market capitalization of $2.94 billion, a PE ratio of 28.96 and a beta of 1.30.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly 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). The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Beacon Roofing Supply had a return on equity of 9.55% and a net margin of 2.42%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.77 earnings per share. Analysts anticipate that Beacon Roofing Supply will post $2.20 earnings per share for the current fiscal year.

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Several institutional investors and hedge funds have recently made changes to their positions in BECN. BlackRock Inc. increased its position in shares of Beacon Roofing Supply by 80,484.5% during the first quarter. BlackRock Inc. now owns 4,021,973 shares of the company’s stock valued at $197,720,000 after acquiring an additional 4,016,982 shares during the last quarter. BlueCrest Capital Management Ltd acquired a new stake in shares of Beacon Roofing Supply during the first quarter valued at about $21,690,000. Cramer Rosenthal Mcglynn LLC increased its position in shares of Beacon Roofing Supply by 51.2% during the second quarter. Cramer Rosenthal Mcglynn LLC now owns 1,174,020 shares of the company’s stock valued at $57,527,000 after acquiring an additional 397,770 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Beacon Roofing Supply by 5.4% during the first quarter. Vanguard Group Inc. now owns 4,845,530 shares of the company’s stock valued at $238,207,000 after acquiring an additional 246,233 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its position in shares of Beacon Roofing Supply by 10.4% during the second quarter. Lord Abbett & CO. LLC now owns 1,873,615 shares of the company’s stock valued at $91,807,000 after acquiring an additional 176,659 shares during the last quarter.

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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