Beacon Roofing Supply (NASDAQ:BECN) received a $45.00 price objective from equities researchers at Raymond James in a research report issued on Thursday. The firm currently has a “buy” rating on the stock. Raymond James’ price target would suggest a potential upside of 71.56% from the company’s previous close.
A number of other analysts also recently weighed in on BECN. Citigroup upgraded Beacon Roofing Supply from a “neutral” rating to a “buy” rating in a research report on Wednesday, June 27th. Royal Bank of Canada downgraded Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, June 27th. Evercore ISI started coverage on Beacon Roofing Supply in a research report on Thursday, June 28th. They set an “outperform” rating and a $61.00 target price for the company. MKM Partners started coverage on Beacon Roofing Supply in a research report on Thursday, June 28th. They set a “buy” rating and a $61.00 target price for the company. Finally, ValuEngine downgraded Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research report on Monday, July 2nd. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $49.53.
NASDAQ:BECN opened at $26.23 on Thursday. The firm has a market cap of $1.98 billion, a PE ratio of 12.03, a P/E/G ratio of 0.40 and a beta of 1.15. The company has a quick ratio of 1.14, a current ratio of 2.07 and a debt-to-equity ratio of 1.63. Beacon Roofing Supply has a fifty-two week low of $26.08 and a fifty-two week high of $66.47.
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, acquired 314,400 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The stock was acquired at an average cost of $38.77 per share, for a total transaction of $12,189,288.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Philip Knisely acquired 6,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were acquired at an average price of $37.14 per share, with a total value of $222,840.00. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at $222,840. The disclosure for this purchase can be found here. 0.77% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. Guggenheim Capital LLC lifted its position in shares of Beacon Roofing Supply by 5.8% during the 1st quarter. Guggenheim Capital LLC now owns 23,925 shares of the company’s stock worth $1,270,000 after buying an additional 1,318 shares during the last quarter. Rhumbline Advisers increased its holdings in Beacon Roofing Supply by 2.2% in the 2nd quarter. Rhumbline Advisers now owns 73,265 shares of the company’s stock worth $3,123,000 after purchasing an additional 1,544 shares in the last quarter. Greenwood Capital Associates LLC increased its holdings in Beacon Roofing Supply by 32.4% in the 2nd quarter. Greenwood Capital Associates LLC now owns 6,599 shares of the company’s stock worth $281,000 after purchasing an additional 1,613 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in Beacon Roofing Supply by 8.1% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 22,983 shares of the company’s stock worth $980,000 after purchasing an additional 1,730 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Beacon Roofing Supply by 5.9% in the 1st quarter. JPMorgan Chase & Co. now owns 32,918 shares of the company’s stock worth $1,747,000 after purchasing an additional 1,840 shares in the last quarter.
Beacon Roofing Supply Company Profile
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and other accessories.
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