Beacon Roofing Supply (BECN) Lowered to “Strong Sell” at BidaskClub
BidaskClub lowered shares of Beacon Roofing Supply (NASDAQ:BECN) from a sell rating to a strong sell rating in a research report report published on Friday morning.
Other analysts have also recently issued reports about the stock. Wedbush decreased their price target on shares of Beacon Roofing Supply from $65.00 to $50.00 and set an outperform rating for the company in a report on Wednesday, August 8th. Citigroup upgraded shares of Beacon Roofing Supply from a neutral rating to a buy rating in a report on Wednesday, June 27th. Seaport Global Securities set a $52.00 price target on shares of Beacon Roofing Supply and gave the stock a buy rating in a report on Sunday, August 12th. ValuEngine upgraded shares of Beacon Roofing Supply from a strong sell rating to a sell rating in a report on Thursday, June 21st. Finally, Zacks Investment Research cut shares of Beacon Roofing Supply from a hold rating to a sell rating in a report on Tuesday, July 10th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $49.86.
Shares of BECN traded down $0.40 during midday trading on Friday, hitting $29.62. The stock had a trading volume of 658,398 shares, compared to its average volume of 1,167,858. Beacon Roofing Supply has a fifty-two week low of $29.23 and a fifty-two week high of $66.47. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 0.41 and a beta of 1.15. The company has a debt-to-equity ratio of 1.63, a current ratio of 2.07 and a quick ratio of 1.14.
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, acquired 314,400 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The shares were purchased at an average price of $38.77 per share, with a total value of $12,189,288.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Philip Knisely acquired 6,000 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were acquired at an average cost of $37.14 per share, for a total transaction of $222,840.00. Following the transaction, the director now owns 6,000 shares of the company’s stock, valued at approximately $222,840. The disclosure for this purchase can be found here. 0.77% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of BECN. Iridian Asset Management LLC CT bought a new position in Beacon Roofing Supply during the second quarter valued at approximately $57,840,000. Glenmede Trust Co. NA raised its position in Beacon Roofing Supply by 21,562.2% during the second quarter. Glenmede Trust Co. NA now owns 831,180 shares of the company’s stock valued at $35,425,000 after acquiring an additional 827,343 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Beacon Roofing Supply by 47.3% in the second quarter. Bank of New York Mellon Corp now owns 1,628,136 shares of the company’s stock valued at $69,392,000 after purchasing an additional 522,722 shares during the period. Wells Fargo & Company MN raised its position in shares of Beacon Roofing Supply by 84.4% in the second quarter. Wells Fargo & Company MN now owns 941,652 shares of the company’s stock valued at $40,132,000 after purchasing an additional 430,921 shares during the period. Finally, Riverbridge Partners LLC raised its position in shares of Beacon Roofing Supply by 32.7% in the third quarter. Riverbridge Partners LLC now owns 1,705,081 shares of the company’s stock valued at $61,707,000 after purchasing an additional 419,731 shares during the period.
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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