Beacon Roofing Supply (BECN) Lowered to Hold at BidaskClub
BidaskClub cut shares of Beacon Roofing Supply (NASDAQ:BECN) from a buy rating to a hold rating in a research note issued to investors on Friday morning.
Other research analysts have also issued research reports about the stock. SunTrust Banks reiterated a buy rating and issued a $55.00 price objective on shares of Beacon Roofing Supply in a research note on Monday, October 2nd. Jefferies Group upgraded shares of Beacon Roofing Supply from a hold rating to a buy rating and increased their price target for the stock from $50.00 to $54.00 in a research note on Friday, August 25th. KeyCorp upgraded shares of Beacon Roofing Supply from a sector weight rating to an overweight rating and set a $52.00 price target on the stock in a research note on Friday, August 25th. Royal Bank of Canada restated an outperform rating and set a $63.00 price target (up previously from $62.00) on shares of Beacon Roofing Supply in a research note on Tuesday, November 21st. Finally, Wells Fargo & Company initiated coverage on shares of Beacon Roofing Supply in a research note on Wednesday, October 18th. They issued a market perform rating and a $58.00 target price on the stock. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $56.91.
Shares of Beacon Roofing Supply (BECN) opened at $62.39 on Friday. Beacon Roofing Supply has a one year low of $39.57 and a one year high of $64.88. The company has a market cap of $4,175.15, a P/E ratio of 28.41, a P/E/G ratio of 0.80 and a beta of 1.49. The company has a current ratio of 2.06, a quick ratio of 1.35 and a debt-to-equity ratio of 0.42.
In other Beacon Roofing Supply news, EVP Ross D. Cooper sold 2,000 shares of Beacon Roofing Supply stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $59.75, for a total value of $119,500.00. Following the transaction, the executive vice president now owns 7,056 shares of the company’s stock, valued at $421,596. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Paul Isabella sold 40,000 shares of the business’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $60.57, for a total transaction of $2,422,800.00. Following the completion of the sale, the chief executive officer now directly owns 172,046 shares in the company, valued at approximately $10,420,826.22. The disclosure for this sale can be found here. Company insiders own 0.75% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Aperio Group LLC increased its holdings in shares of Beacon Roofing Supply by 4.8% in the second quarter. Aperio Group LLC now owns 12,060 shares of the company’s stock valued at $591,000 after purchasing an additional 547 shares during the last quarter. Sei Investments Co. grew its stake in shares of Beacon Roofing Supply by 21.3% in the second quarter. Sei Investments Co. now owns 77,004 shares of the company’s stock valued at $3,774,000 after acquiring an additional 13,541 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Beacon Roofing Supply by 5.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 366,870 shares of the company’s stock worth $17,977,000 after purchasing an additional 18,760 shares during the period. DekaBank Deutsche Girozentrale lifted its position in Beacon Roofing Supply by 316.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 12,500 shares of the company’s stock worth $605,000 after purchasing an additional 9,500 shares during the period. Finally, Teacher Retirement System of Texas bought a new position in shares of Beacon Roofing Supply in the second quarter worth about $236,000.
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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.
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