Jefferies Initiates Coverage on Beacon Roofing Supply to Hold

Jefferies Initiates Coverage on Beacon Roofing Supply(NASDAQ:BECN). The shares have been rated Hold. The rating by Jefferies was issued on Jul 6, 2016.

In a different note, On Jun 10, 2016, BB&T Capital said it Upgrades its rating on Beacon Roofing Supply. The shares have been rated ‘Buy’ by the firm.

Beacon Roofing Supply (BECN) made into the market gainers list on Mondays trading session with the shares advancing 1.22% or 0.58 points. Due to strong positive momentum, the stock ended at $48.31, which is also near the day’s high of $48.82. The stock began the session at $48.1 and the volume stood at 9,55,076 shares. The 52-week high of the shares is $48.82 and the 52 week low is $29.88. The company has a current market capitalization of $2,878 M and it has 5,95,78,734 shares in outstanding.

Beacon Roofing Supply(BECN) last announced its earnings results on May 2, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $823.54M. Analysts had an estimated revenue of $673.38M. Earnings per share were $0.03. Analysts had estimated an EPS of $-0.22.

Several Insider Transactions has been reported to the SEC. On Jun 27, 2016, Robert R Buck (Chairman) sold 17,556 shares at $45.37 per share price.Also, On Feb 10, 2016, Wilson B Sexton (director) sold 7,385 shares at $37.29 per share price.On Dec 28, 2015, James J Gaffney (director) sold 11,250 shares at $42.03 per share price, according to the Form-4 filing with the securities and exchange commission.

Beacon Roofing Supply Inc. is engaged in distributing residential and non-residential roofing materials in the United States and Canada. The Company also distributes other complementary building materials including siding windows specialty lumber products and waterproofing systems for residential and nonresidential building exteriors. As of September 30 2013 the Company operated 236 branches in 39 states and six Canadian provinces carrying up to 11000 stock keeping units (SKUs). It is a distributor of roofing materials in metropolitan markets in the Northeast Mid-Atlantic Midwest Central Plains West South and Southwest regions of the United States and across Canada. The Company’s customer base consists of more than 47000 contractors home builders building owners and other resellers primarily in the Northeast Mid-Atlantic Midwest Central Plains West South and Southwest regions of the United States and across Canada.

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