Beacon Roofing Supply (NASDAQ:BECN) Now Covered by Analysts at StockNews.com

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

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada increased their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Stephens reissued an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Stifel Nicolaus lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating and dropped their target price for the company from $131.00 to $122.55 in a research report on Friday, February 7th. Zelman & Associates downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Finally, BMO Capital Markets boosted their price objective on Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $120.17.

Beacon Roofing Supply Stock Performance

NASDAQ:BECN opened at $116.62 on Friday. The firm has a market capitalization of $7.18 billion, a PE ratio of 19.93 and a beta of 1.62. The stock’s fifty day moving average is $111.30 and its 200 day moving average is $100.25. Beacon Roofing Supply has a fifty-two week low of $77.54 and a fifty-two week high of $121.42. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds have recently made changes to their positions in the company. FMR LLC raised its holdings in shares of Beacon Roofing Supply by 17.6% in the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after acquiring an additional 963,633 shares in the last quarter. Norges Bank purchased a new position in Beacon Roofing Supply during the 4th quarter valued at about $94,573,000. Balyasny Asset Management L.P. purchased a new position in Beacon Roofing Supply during the 4th quarter valued at about $68,588,000. Janus Henderson Group PLC raised its holdings in shares of Beacon Roofing Supply by 1,449.0% in the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after purchasing an additional 575,852 shares in the last quarter. Finally, Citigroup Inc. lifted its position in shares of Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after purchasing an additional 473,937 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Company Profile

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.