StockNews.com Begins Coverage on Beacon Roofing Supply (NASDAQ:BECN)

StockNews.com initiated coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note issued on Friday. The brokerage set a “sell” rating on the stock.

BECN has been the topic of several other reports. Benchmark restated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. JPMorgan Chase & Co. upped their price objective on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Royal Bank of Canada upped their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Stifel Nicolaus cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $131.00 to $122.55 in a research report on Friday, February 7th. Finally, BMO Capital Markets upped their price objective on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $120.17.

Beacon Roofing Supply Trading Down 2.5 %

Shares of Beacon Roofing Supply stock opened at $116.62 on Friday. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $121.42. The company has a market cap of $7.18 billion, a price-to-earnings ratio of 19.93 and a beta of 1.62. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The company’s 50-day moving average price is $111.30 and its 200-day moving average price is $100.37.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BECN. SBI Securities Co. Ltd. purchased a new stake in Beacon Roofing Supply in the fourth quarter worth $31,000. Blue Trust Inc. lifted its position in Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after buying an additional 211 shares during the period. Quarry LP lifted its position in Beacon Roofing Supply by 180.7% during the third quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after buying an additional 197 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in Beacon Roofing Supply during the third quarter valued at $28,000. Finally, Johnson Financial Group Inc. purchased a new position in Beacon Roofing Supply during the fourth quarter valued at $54,000. Institutional investors own 98.45% of the company’s stock.

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.