Beacon Roofing Supply (NASDAQ:BECN) has been given a $66.00 target price by investment analysts at Royal Bank of Canada in a research report issued to clients and investors on Friday. The brokerage currently has a “buy” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 14.90% from the stock’s current price.
Other equities analysts have also issued research reports about the stock. Citigroup dropped their price objective on shares of Beacon Roofing Supply from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday. Zacks Investment Research lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Monday, January 22nd. Jefferies Group reiterated a “buy” rating and set a $73.00 price objective on shares of Beacon Roofing Supply in a report on Wednesday, January 17th. KeyCorp reiterated a “buy” rating and set a $56.00 price objective on shares of Beacon Roofing Supply in a report on Sunday, October 15th. Finally, Robert W. Baird reiterated an “outperform” rating and set a $70.00 price objective (up previously from $55.00) on shares of Beacon Roofing Supply in a report on Tuesday, November 21st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. Beacon Roofing Supply presently has a consensus rating of “Buy” and a consensus target price of $59.91.
Shares of Beacon Roofing Supply (BECN) traded up $2.35 during midday trading on Friday, hitting $57.44. 317,599 shares of the stock traded hands, compared to its average volume of 649,160. Beacon Roofing Supply has a 52-week low of $39.57 and a 52-week high of $66.47. The firm has a market capitalization of $3,740.00, a price-to-earnings ratio of 34.76, a P/E/G ratio of 1.20 and a beta of 1.35. The company has a quick ratio of 1.35, a current ratio of 2.06 and a debt-to-equity ratio of 0.42.
In related news, EVP Ross D. Cooper sold 2,000 shares of the company’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $59.75, for a total value of $119,500.00. Following the sale, the executive vice president now owns 7,056 shares in the company, valued at approximately $421,596. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul Isabella sold 40,000 shares of the company’s stock in a transaction dated 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 owns 172,046 shares in the company, valued at approximately $10,420,826.22. The disclosure for this sale can be found here. Corporate insiders own 0.77% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Lord Abbett & CO. LLC grew its position in Beacon Roofing Supply by 10.4% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,873,615 shares of the company’s stock worth $91,807,000 after purchasing an additional 176,659 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in Beacon Roofing Supply by 9.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 402,011 shares of the company’s stock worth $20,604,000 after purchasing an additional 35,141 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Beacon Roofing Supply in the 2nd quarter worth about $312,000. Point72 Asset Management L.P. bought a new stake in Beacon Roofing Supply in the 3rd quarter worth about $9,688,000. Finally, Skylands Capital LLC grew its position in Beacon Roofing Supply by 1,144.0% in the 3rd quarter. Skylands Capital LLC now owns 206,500 shares of the company’s stock worth $10,583,000 after purchasing an additional 189,900 shares in the last quarter.
Beacon Roofing Supply Company Profile
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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