Beacon Roofing Supply (NASDAQ:BECN) Downgraded to “Sell” at Zelman & Associates
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) was downgraded by analysts at Zelman & Associates from a “hold” rating to a “sell” rating in a research report issued on Friday, The Fly reports.
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Other research analysts have also issued research reports about the stock. Stifel Nicolaus raised their target price on shares of Beacon Roofing Supply from $80.00 to $91.00 and gave the company a “buy” rating in a research note on Monday, December 19th. Stephens raised their target price on shares of Beacon Roofing Supply from $65.00 to $73.00 and gave the company an “equal weight” rating in a research note on Monday, February 27th. Robert W. Baird raised their target price on shares of Beacon Roofing Supply from $65.00 to $76.00 and gave the company a “neutral” rating in a research note on Monday, February 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Beacon Roofing Supply from $81.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, February 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $70.57.
Beacon Roofing Supply Stock Down 1.2 {7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7}
Shares of NASDAQ BECN opened at $64.65 on Friday. The firm has a market capitalization of $4.15 billion, a PE ratio of 11.63 and a beta of 1.58. The company has a current ratio of 2.03, a quick ratio of 1.08 and a debt-to-equity ratio of 1.01. Beacon Roofing Supply has a 1 year low of $45.71 and a 1 year high of $68.31. The firm’s 50-day moving average is $58.44 and its 200-day moving average is $56.92.
Insiders Place Their Bets
In related news, major shareholder Cd&R Investment Associates Ix, acquired 107,185 shares of Beacon Roofing Supply stock in a transaction dated Monday, January 30th. The stock was bought at an average price of $55.98 per share, with a total value of $6,000,216.30. Following the transaction, the insider now directly owns 15,072,084 shares in the company, valued at approximately $843,735,262.32. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.95{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} of the company’s stock.
Institutional Trading of Beacon Roofing Supply
Hedge funds have recently bought and sold shares of the business. Fox Run Management L.L.C. purchased a new position in shares of Beacon Roofing Supply in the 3rd quarter worth about $283,000. Point72 Hong Kong Ltd bought a new stake in Beacon Roofing Supply in the 2nd quarter valued at about $259,000. Hsbc Holdings PLC raised its stake in Beacon Roofing Supply by 41.0{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} in the 3rd quarter. Hsbc Holdings PLC now owns 16,553 shares of the company’s stock valued at $918,000 after acquiring an additional 4,810 shares during the period. Clayton Dubilier & Rice LLC raised its stake in Beacon Roofing Supply by 0.7{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} in the 3rd quarter. Clayton Dubilier & Rice LLC now owns 14,878,067 shares of the company’s stock valued at $814,128,000 after acquiring an additional 103,931 shares during the period. Finally, Contravisory Investment Management Inc. raised its stake in Beacon Roofing Supply by 13.0{7e5ff73c23cd1cd7ac587f9048f78b3ced175b09520fe5fee10055eb3132dce7} in the 4th quarter. Contravisory Investment Management Inc. now owns 4,384 shares of the company’s stock valued at $231,000 after acquiring an additional 506 shares during the period.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc engages in the distribution of residential and non-residential roofing materials. It also distributes complementary building products including siding, windows, specialty exterior building products, insulation, and waterproofing systems for building exteriors. The company was founded on August 22, 1997 and is headquartered in Herndon, VA.
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