Beacon Roofing Supply (NASDAQ:BECN) Lifted to “Buy” at BidaskClub

BidaskClub upgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from a hold rating to a buy rating in a report issued on Thursday, BidAskClub reports.

Several other equities analysts have also issued reports on BECN. SunTrust Banks set a $40.00 price target on Beacon Roofing Supply and gave the stock a buy rating in a research report on Wednesday, August 7th. Stephens set a $37.00 price target on Beacon Roofing Supply and gave the stock an overweight rating in a research report on Wednesday, August 7th. ValuEngine lowered Beacon Roofing Supply from a sell rating to a strong sell rating in a research report on Wednesday, October 16th. Wedbush reaffirmed a neutral rating and issued a $33.00 price target on shares of Beacon Roofing Supply in a research report on Wednesday, August 7th. Finally, Raymond James set a $38.00 price target on Beacon Roofing Supply and gave the stock a buy rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $34.64.

Shares of BECN traded down $0.03 during trading hours on Thursday, hitting $32.85. The company had a trading volume of 430,307 shares, compared to its average volume of 683,833. The firm has a fifty day moving average price of $32.37 and a 200-day moving average price of $34.34. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.17 and a current ratio of 2.07. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 1.09 and a beta of 1.39. Beacon Roofing Supply has a 52-week low of $25.10 and a 52-week high of $40.00.

In other news, major shareholder Cd&R Investment Associates Ix, purchased 3,207,200 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was acquired at an average cost of $32.08 per share, for a total transaction of $102,886,976.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.20% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Griffin Asset Management Inc. bought a new position in shares of Beacon Roofing Supply during the 2nd quarter valued at approximately $37,000. Point72 Hong Kong Ltd grew its stake in shares of Beacon Roofing Supply by 13,564.3% during the 2nd quarter. Point72 Hong Kong Ltd now owns 1,913 shares of the company’s stock valued at $70,000 after acquiring an additional 1,899 shares during the period. Hardy Reed LLC bought a new position in shares of Beacon Roofing Supply during the 2nd quarter valued at approximately $84,000. Strs Ohio grew its stake in shares of Beacon Roofing Supply by 65.0% during the 2nd quarter. Strs Ohio now owns 3,300 shares of the company’s stock valued at $121,000 after acquiring an additional 1,300 shares during the period. Finally, We Are One Seven LLC bought a new position in shares of Beacon Roofing Supply during the 2nd quarter valued at approximately $200,000.

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 solar systems.

Further Reading: Conference Calls and Individual Investors

Analyst Recommendations for Beacon Roofing Supply (NASDAQ:BECN)

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