Beacon Roofing Supply’s (BECN) Hold Rating Reiterated at Jefferies Financial Group
Jefferies Financial Group reiterated their hold rating on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note issued to investors on Friday morning. They currently have a $40.00 price target on the stock.
Other analysts have also recently issued research reports about the stock. Citigroup upgraded shares of Beacon Roofing Supply from a neutral rating to a buy rating in a research report on Wednesday, June 27th. Wedbush set a $65.00 price objective on shares of Beacon Roofing Supply and gave the company a buy rating in a research report on Wednesday, May 9th. MKM Partners initiated coverage on shares of Beacon Roofing Supply in a research report on Thursday, June 28th. They issued a buy rating and a $61.00 price objective for the company. SunTrust Banks restated a buy rating and issued a $52.00 price objective on shares of Beacon Roofing Supply in a research report on Wednesday, August 8th. Finally, TheStreet cut shares of Beacon Roofing Supply from a b- rating to a c+ rating in a research report on Friday, June 1st. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $54.07.
Shares of Beacon Roofing Supply stock opened at $35.23 on Friday. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of 15.16, a price-to-earnings-growth ratio of 0.39 and a beta of 1.27. Beacon Roofing Supply has a 52 week low of $35.04 and a 52 week high of $66.47. The company has a debt-to-equity ratio of 1.63, a current ratio of 2.07 and a quick ratio of 1.14.
In related news, Director Richard W. Frost bought 11,820 shares of Beacon Roofing Supply stock in a transaction that occurred on Tuesday, June 5th. The stock was purchased at an average cost of $42.46 per share, with a total value of $501,877.20. Following the purchase, the director now owns 9,207 shares in the company, valued at $390,929.22. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Cd&R Investment Associates Ix, bought 314,400 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, August 9th. The stock was bought at an average cost of $38.77 per share, with a total value of $12,189,288.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 328,690 shares of company stock valued at $12,791,077. Company insiders own 0.77% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BB&T Securities LLC boosted its stake in Beacon Roofing Supply by 95.9% in the 2nd quarter. BB&T Securities LLC now owns 12,704 shares of the company’s stock worth $541,000 after purchasing an additional 6,219 shares during the period. Baird Financial Group Inc. boosted its stake in Beacon Roofing Supply by 34.4% in the 2nd quarter. Baird Financial Group Inc. now owns 1,141,106 shares of the company’s stock worth $48,634,000 after purchasing an additional 292,314 shares during the period. Stephens Investment Management Group LLC boosted its stake in Beacon Roofing Supply by 34.2% in the 2nd quarter. Stephens Investment Management Group LLC now owns 823,887 shares of the company’s stock worth $34,719,000 after purchasing an additional 210,100 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in Beacon Roofing Supply by 10.1% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 54,802 shares of the company’s stock worth $2,336,000 after purchasing an additional 5,014 shares during the period. Finally, Private Management Group Inc. acquired a new position in Beacon Roofing Supply in the 2nd quarter worth $5,739,000.
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 other accessories.
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