Beacon Roofing Supply (NASDAQ:BECN) had its price objective upped by equities research analysts at Royal Bank of Canada from $26.00 to $33.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage currently has an “underperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential downside of 10.79% from the company’s current price.
BECN has been the subject of a number of other research reports. TheStreet raised shares of Beacon Roofing Supply from a “d+” rating to a “c” rating in a report on Friday, August 28th. Loop Capital lifted their price objective on shares of Beacon Roofing Supply from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, October 16th. BidaskClub downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a report on Thursday, October 29th. William Blair raised shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a report on Tuesday, October 6th. Finally, Stephens downgraded shares of Beacon Roofing Supply from an “overweight” rating to an “equal weight” rating and set a $36.00 price target for the company. in a report on Tuesday, August 11th. Three analysts have rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $32.35.
Shares of NASDAQ:BECN opened at $36.99 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.59 and a debt-to-equity ratio of 1.98. The company has a fifty day simple moving average of $34.78 and a 200 day simple moving average of $29.55. The firm has a market cap of $2.55 billion, a PE ratio of -16.74 and a beta of 1.95. Beacon Roofing Supply has a 12-month low of $11.66 and a 12-month high of $38.89.
Hedge funds have recently bought and sold shares of the stock. American International Group Inc. lifted its holdings in Beacon Roofing Supply by 3.9% in the second quarter. American International Group Inc. now owns 33,402 shares of the company’s stock worth $881,000 after purchasing an additional 1,264 shares during the period. FMR LLC lifted its holdings in Beacon Roofing Supply by 48.0% in the second quarter. FMR LLC now owns 5,241,792 shares of the company’s stock worth $138,226,000 after purchasing an additional 1,698,845 shares during the period. Prudential Financial Inc. raised its position in Beacon Roofing Supply by 10.7% in the second quarter. Prudential Financial Inc. now owns 118,895 shares of the company’s stock worth $3,135,000 after acquiring an additional 11,461 shares in the last quarter. Handelsbanken Fonder AB bought a new stake in Beacon Roofing Supply in the second quarter worth about $353,000. Finally, Goldman Sachs Group Inc. raised its position in Beacon Roofing Supply by 2.4% in the second quarter. Goldman Sachs Group Inc. now owns 1,157,449 shares of the company’s stock worth $30,522,000 after acquiring an additional 27,530 shares in the last quarter. 98.01% of the stock is owned by institutional investors and hedge funds.
About Beacon Roofing Supply
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 solar systems.
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