Wedbush Increases Beacon Roofing Supply (BECN) Price Target to $33.00
Beacon Roofing Supply (NASDAQ:BECN) had its target price increased by equities researchers at Wedbush from $30.00 to $33.00 in a research report issued to clients and investors on Friday. The firm presently has a “neutral” rating on the stock. Wedbush’s target price would suggest a potential downside of 2.63% from the stock’s previous close. Wedbush also issued estimates for Beacon Roofing Supply’s Q3 2019 earnings at $1.35 EPS, Q1 2020 earnings at $0.61 EPS, Q4 2020 earnings at $1.49 EPS and FY2020 earnings at $3.28 EPS.
Several other research analysts also recently commented on the stock. Zacks Investment Research upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Monday, February 4th. BidaskClub upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a report on Tuesday, January 29th. Longbow Research downgraded shares of Beacon Roofing Supply from a “buy” rating to a “neutral” rating and set a $34.00 price target for the company. in a report on Wednesday, November 28th. Stephens reiterated a “buy” rating and set a $40.00 price target on shares of Beacon Roofing Supply in a report on Friday, November 23rd. Finally, Wells Fargo & Co upgraded shares of Beacon Roofing Supply from an “underperform” rating to a “market perform” rating and set a $32.00 price target for the company in a report on Wednesday, November 21st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. Beacon Roofing Supply has an average rating of “Hold” and an average price target of $40.44.
BECN traded down $1.81 during trading on Friday, hitting $33.89. 2,785,116 shares of the stock traded hands, compared to its average volume of 617,400. Beacon Roofing Supply has a twelve month low of $24.97 and a twelve month high of $61.21. The company has a market cap of $2.31 billion, a P/E ratio of 12.55, a P/E/G ratio of 0.61 and a beta of 1.42. The company has a debt-to-equity ratio of 1.38, a current ratio of 1.59 and a quick ratio of 0.97.
In related news, EVP Christopher Anthony Harrison acquired 4,750 shares of the firm’s stock in a transaction that occurred on Wednesday, November 21st. The stock was acquired at an average cost of $31.40 per share, for a total transaction of $149,150.00. Following the completion of the acquisition, the executive vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $605,392. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard W. Frost acquired 10,675 shares of the firm’s stock in a transaction that occurred on Wednesday, November 21st. The stock was bought at an average price of $31.61 per share, with a total value of $337,436.75. Following the completion of the acquisition, the director now directly owns 22,495 shares of the company’s stock, valued at $711,066.95. The disclosure for this purchase can be found here. Insiders purchased 23,625 shares of company stock valued at $753,469 over the last 90 days. 1.20% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Beacon Roofing Supply by 4.3% in the fourth quarter. BlackRock Inc. now owns 5,031,890 shares of the company’s stock valued at $159,613,000 after purchasing an additional 207,663 shares during the period. LPL Financial LLC increased its holdings in Beacon Roofing Supply by 6.0% in the fourth quarter. LPL Financial LLC now owns 19,686 shares of the company’s stock valued at $624,000 after purchasing an additional 1,109 shares during the period. First Trust Advisors LP acquired a new stake in Beacon Roofing Supply in the fourth quarter valued at $1,408,000. Prudential Financial Inc. increased its holdings in Beacon Roofing Supply by 3,881.7% in the fourth quarter. Prudential Financial Inc. now owns 271,750 shares of the company’s stock valued at $8,620,000 after purchasing an additional 264,925 shares during the period. Finally, Marathon Capital Management increased its holdings in Beacon Roofing Supply by 9.7% in the fourth quarter. Marathon Capital Management now owns 20,990 shares of the company’s stock valued at $665,000 after purchasing an additional 1,855 shares during the period.
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.
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