Beacon Roofing Supply, Inc. (NASDAQ:BECN) Given Average Recommendation of “Hold” by Brokerages

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) have been given an average rating of “Hold” by the ten brokerages that are covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $61.75.

A number of research firms recently issued reports on BECN. StockNews.com started coverage on shares of Beacon Roofing Supply in a report on Wednesday, October 12th. They set a “hold” rating for the company. Stephens reduced their target price on shares of Beacon Roofing Supply from $72.00 to $64.00 and set an “equal weight” rating for the company in a research note on Monday, August 8th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Beacon Roofing Supply from $90.00 to $79.00 and set a “buy” rating for the company in a research note on Thursday, October 20th. Robert W. Baird downgraded shares of Beacon Roofing Supply from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $77.00 to $65.00 in a research note on Friday, October 14th. Finally, Royal Bank of Canada reduced their target price on shares of Beacon Roofing Supply from $59.00 to $54.00 and set a “sector perform” rating for the company in a research note on Monday, November 7th.

Beacon Roofing Supply Stock Performance

NASDAQ BECN opened at $58.01 on Friday. Beacon Roofing Supply has a 52-week low of $45.71 and a 52-week high of $65.30. The company has a 50-day simple moving average of $55.65 and a 200 day simple moving average of $57.08. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.10 and a current ratio of 1.92. The company has a market capitalization of $3.77 billion, a PE ratio of 10.66 and a beta of 1.63.

Insider Activity

In other news, major shareholder Cd&R Investment Associates Ix, acquired 105,320 shares of the business’s stock in a transaction dated Friday, October 28th. The stock was bought at an average cost of $56.97 per share, for a total transaction of $6,000,080.40. Following the completion of the transaction, the insider now owns 14,964,899 shares of the company’s stock, valued at $852,550,296.03. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Cd&R Investment Associates Ix, bought 105,320 shares of the company’s stock in a transaction on Friday, October 28th. The stock was acquired at an average cost of $56.97 per share, for a total transaction of $6,000,080.40. Following the completion of the transaction, the insider now directly owns 14,964,899 shares in the company, valued at approximately $852,550,296.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason L. Taylor sold 4,000 shares of Beacon Roofing Supply stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $57.30, for a total transaction of $229,200.00. Following the sale, the insider now owns 5,937 shares of the company’s stock, valued at $340,190.10. The disclosure for this sale can be found here. 0.95% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds have recently bought and sold shares of the stock. MQS Management LLC bought a new stake in Beacon Roofing Supply during the second quarter valued at approximately $495,000. Premier Fund Managers Ltd raised its stake in shares of Beacon Roofing Supply by 1.8% during the first quarter. Premier Fund Managers Ltd now owns 875,962 shares of the company’s stock worth $53,526,000 after acquiring an additional 15,900 shares in the last quarter. Frontier Capital Management Co. LLC raised its stake in shares of Beacon Roofing Supply by 19.9% during the second quarter. Frontier Capital Management Co. LLC now owns 1,689,713 shares of the company’s stock worth $86,784,000 after acquiring an additional 280,972 shares in the last quarter. Alpha DNA Investment Management LLC purchased a new position in shares of Beacon Roofing Supply during the second quarter worth approximately $980,000. Finally, Riverwater Partners LLC purchased a new position in shares of Beacon Roofing Supply during the second quarter worth approximately $255,000.

About Beacon Roofing Supply

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Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.

Further Reading

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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