Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) have been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $120.17.

Several brokerages have recently issued reports on BECN. Royal Bank of Canada boosted their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. BMO Capital Markets boosted their target price on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. StockNews.com assumed coverage on shares of Beacon Roofing Supply in a research note on Friday, February 21st. They issued a “sell” rating on the stock. Stifel Nicolaus cut Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their price target for the company from $131.00 to $122.55 in a report on Friday, February 7th. Finally, Benchmark reissued a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a report on Friday, November 1st.

Beacon Roofing Supply Trading Up 0.6 %

NASDAQ:BECN opened at $116.07 on Friday. The firm has a market capitalization of $7.15 billion, a P/E ratio of 19.84 and a beta of 1.62. The business has a 50 day simple moving average of $111.72 and a 200 day simple moving average of $100.94. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $121.42.

Institutional Investors Weigh In On Beacon Roofing Supply

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after buying an additional 963,633 shares in the last quarter. Norges Bank bought a new stake in Beacon Roofing Supply in the fourth quarter worth about $94,573,000. Balyasny Asset Management L.P. acquired a new stake in Beacon Roofing Supply in the 4th quarter valued at about $68,588,000. Janus Henderson Group PLC lifted its holdings in 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 acquiring an additional 575,852 shares during the last quarter. Finally, Citigroup Inc. boosted its position in shares of Beacon Roofing Supply by 1,192.1% during the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after purchasing an additional 473,937 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.