Beacon Roofing Supply, Inc. (BECN) Earns Outperform Rating from Royal Bank Of Canada
Beacon Roofing Supply, Inc. (NASDAQ:BECN)‘s stock had its “outperform” rating restated by equities researchers at Royal Bank Of Canada in a report issued on Tuesday, Marketbeat.com reports. They presently have a $63.00 target price on the stock, up from their previous target price of $62.00. Royal Bank Of Canada’s price target would suggest a potential upside of 11.94% from the company’s current price.
BECN has been the subject of a number of other reports. Citigroup Inc. upped their price objective on Beacon Roofing Supply from $48.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, August 28th. KeyCorp upgraded Beacon Roofing Supply from a “sector weight” rating to an “overweight” rating and set a $52.00 price objective for the company in a research note on Friday, August 25th. Wells Fargo & Company started coverage on Beacon Roofing Supply in a research note on Wednesday, October 18th. They set a “market perform” rating and a $58.00 price objective for the company. Zacks Investment Research upgraded Beacon Roofing Supply from a “strong sell” rating to a “hold” rating and set a $58.00 price objective for the company in a research note on Tuesday, October 3rd. Finally, SunTrust Banks, Inc. restated a “buy” rating on shares of Beacon Roofing Supply in a research note on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $55.75.
Beacon Roofing Supply (NASDAQ BECN) traded up $0.65 during mid-day trading on Tuesday, hitting $56.28. The company had a trading volume of 1,002,000 shares, compared to its average volume of 496,654. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.36 and a current ratio of 2.30. The firm has a market cap of $3,840.00, a price-to-earnings ratio of 26.24, a P/E/G ratio of 2.55 and a beta of 1.45. Beacon Roofing Supply has a twelve month low of $39.57 and a twelve month high of $56.93.
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Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in shares of Beacon Roofing Supply by 2.2% in the second quarter. Bank of New York Mellon Corp now owns 1,061,255 shares of the company’s stock worth $51,999,000 after purchasing an additional 22,749 shares in the last quarter. BlackRock Inc. grew its stake in shares of Beacon Roofing Supply by 1.2% in the second quarter. BlackRock Inc. now owns 4,069,752 shares of the company’s stock worth $199,416,000 after purchasing an additional 47,779 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in shares of Beacon Roofing Supply by 10.4% in the second quarter. Lord Abbett & CO. LLC now owns 1,873,615 shares of the company’s stock worth $91,807,000 after purchasing an additional 176,659 shares in the last quarter. Swiss National Bank grew its stake in shares of Beacon Roofing Supply by 19.8% in the second quarter. Swiss National Bank now owns 100,000 shares of the company’s stock worth $4,900,000 after purchasing an additional 16,500 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new position in shares of Beacon Roofing Supply in the second quarter worth $533,000. 97.28% of the stock is owned by institutional investors.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.
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