Beacon Roofing Supply (BECN) Downgraded by BidaskClub to “Hold”
BidaskClub downgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from a buy rating to a hold rating in a research note released on Tuesday.
Other equities research analysts have also issued research reports about the company. Royal Bank of Canada reissued an outperform rating and issued a $63.00 target price (up previously from $62.00) on shares of Beacon Roofing Supply in a research report on Tuesday, November 21st. KeyCorp reissued a buy rating and issued a $56.00 target price on shares of Beacon Roofing Supply in a research report on Sunday, October 15th. Robert W. Baird reissued an outperform rating and issued a $70.00 target price (up previously from $55.00) on shares of Beacon Roofing Supply in a research report on Tuesday, November 21st. Zacks Investment Research raised Beacon Roofing Supply from a hold rating to a strong-buy rating and set a $68.00 target price on the stock in a research report on Thursday, November 23rd. Finally, SunTrust Banks lifted their target price on Beacon Roofing Supply to $62.00 and gave the company a buy rating in a research report on Tuesday, November 21st. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $56.91.
Shares of Beacon Roofing Supply (NASDAQ:BECN) traded up $1.01 during trading on Tuesday, reaching $63.46. The company had a trading volume of 653,358 shares, compared to its average volume of 691,433. Beacon Roofing Supply has a 1-year low of $39.57 and a 1-year high of $66.47. The firm has a market cap of $4,300.00, a price-to-earnings ratio of 38.70, a PEG ratio of 0.82 and a beta of 1.49. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.35 and a current ratio of 2.06.
In other Beacon Roofing Supply news, EVP Ross D. Cooper sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total value of $119,500.00. Following the completion of the transaction, the executive vice president now directly owns 7,056 shares in the company, valued at $421,596. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Paul Isabella sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $60.57, for a total value of $2,422,800.00. Following the completion of the transaction, the chief executive officer now owns 172,046 shares of the company’s stock, valued at $10,420,826.22. The disclosure for this sale can be found here. 0.75% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in Beacon Roofing Supply in the second quarter valued at approximately $100,000. Zions Bancorporation bought a new position in Beacon Roofing Supply in the third quarter valued at approximately $124,000. Advisor Group Inc. grew its stake in Beacon Roofing Supply by 8.9% in the second quarter. Advisor Group Inc. now owns 3,877 shares of the company’s stock valued at $190,000 after purchasing an additional 316 shares in the last quarter. Keybank National Association OH bought a new position in Beacon Roofing Supply in the third quarter valued at approximately $210,000. Finally, GSA Capital Partners LLP bought a new position in Beacon Roofing Supply in the third quarter valued at approximately $214,000.
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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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