StockNews.com Initiates Coverage on Beacon Roofing Supply (NASDAQ:BECN)

StockNews.com started coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research report report published on Friday morning. The firm issued a sell rating on the stock.

Other research analysts have also recently issued research reports about the stock. Stifel Nicolaus cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their target price for the stock from $131.00 to $122.55 in a report on Friday, February 7th. Benchmark reaffirmed a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Stephens reaffirmed an “equal weight” rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Finally, JPMorgan Chase & Co. raised their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $120.17.

Beacon Roofing Supply Stock Down 2.5 %

Shares of Beacon Roofing Supply stock opened at $116.62 on Friday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $121.42. The stock has a market capitalization of $7.18 billion, a price-to-earnings ratio of 19.93 and a beta of 1.62. The company’s 50 day moving average price is $111.30 and its 200-day moving average price is $100.51.

Hedge Funds Weigh In On Beacon Roofing Supply

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new position in Beacon Roofing Supply during the third quarter valued at $1,441,000. Barclays PLC raised its position in shares of Beacon Roofing Supply by 272.0% in the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock worth $10,547,000 after purchasing an additional 89,222 shares during the last quarter. Choreo LLC raised its position in shares of Beacon Roofing Supply by 30.6% in the 4th quarter. Choreo LLC now owns 10,183 shares of the company’s stock worth $1,014,000 after purchasing an additional 2,383 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Beacon Roofing Supply by 16.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock worth $30,849,000 after purchasing an additional 49,902 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Beacon Roofing Supply by 23.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company’s stock worth $3,668,000 after purchasing an additional 7,924 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.