On Friday, analysts at Loop Capital raised their price target for Beacon Roofing Supply (NASDAQ:BECN) to $84.00 from $76.00, a potential upside of 15.35% from the company’s previous close, according to The Fly. Beacon Roofing Supply is a company specializing in residential and non-residential roofing materials and the distribution of ancillary building products including siding, windows, exterior specialty products, insulation and exterior waterproofing systems. The company was incorporated on August 22, 1997 and is headquartered in Herndon, VA.
According to recent news reports, Cd&R Investment Associates Ix acquired 99,880 shares of the company on April 28 this year in a transaction completed on Friday. The stock was purchased at an average price of $60.07 per share for a total transaction value of $5,999,791.60. Following the acquisition, the insider now directly owns 15,171,964 shares worth $911,379,877.48; This information was disclosed through a legal filing with the Securities & Exchange Commission, which is available on their website.
In addition, we have insider Clement Munroe Best III, who sold 1,500 shares of Beacon Roofing Supply in a transaction on May 16; the shares sold at an average price of $61.72 for a total value of $92,580.00; Following the transaction, Insider now holds 58,183 shares, valued at approximately $3,5910-$54.76.
Beacon Roofing Supply has completed multiple buy and sell transactions over the past few months, underscoring its position as a major player in its industry, and investors are excited to see how this will affect its valuation going forward.&
Beacon Roofing Supply, Inc.
BECN
Strong buy
Updated on: 10/06/2023
price target
Current
Agreed
Low
median
High
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Analyst Ratings
| Analyst / Company | Evaluation |
|---|---|
| Deutsche Bank | Obtain |
| Stephens | Sell |
| JP Morgan | Sell |
| Wells Fargo | Sell |
| Raymond James | Obtain |
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Ratings and Reviews of Beacon Roofing Supply
Beacon Roofing Supply, a leading distributor of residential and commercial roofing materials, has been in the headlines lately due to a series of reports and ratings from various equity research firms. These reports highlight the company’s financial performance and provide insight into its position in the stock market.
StockNews.com recently reported on Beacon Roofing Supply in a May 18 research note, giving the company a “hold” rating. Meanwhile, Deutsche Bank Aktiengesellschaft raised its target price on Beacon Roofing Supply to $86.00 from $85.00 in a report published on May 5. Later on March 10, Zelman & Associates lowered Beacon Roofing Supply’s recommendation to a sell from a hold. The Street also gave the company a negative review, downgrading it from a “b” to a “c”.
Despite these negative reviews, Robert W. Baird maintained a neutral rating on the company, raising its price target to $76.00 from $65.00 in a report published on Feb. 27.
Taking all of these differing viewpoints into account, Bloomberg.com has given Beacon Roofing Supply an average rating of Hold with a consensus price target of $71.75.
Financial analysts have been closely monitoring the performance of Beacon Roofing Supply since shares opened at $72.82 on Friday after these reports were released. Analysis shows that the company has had ups and downs over the past year, with its 12-month low being $45.71 and its 12-month high being $73.20.
Another important aspect that investors are watching is Beacon Roofing Supply’s latest metrics, which illustrate the company’s ability to efficiently meet short-term financial commitments. Its short-term ratio is 1.09, while its current ratio is 2.07, which bodes well despite a total debt-to-equity ratio of 1:00.
Major shareholders including JPMorgan Chase & Co. and Squarepoint Ops LLC have increased their stakes in Beacon Roofing Supply this year, while purchasing $10,192,000 and $6,488,000 of shares, respectively.
In view of all these developments, the roofing materials dealer is faced with new challenges in order to maintain its market position against its competitors. Investors can only wait and see how the company will capitalize on the opportunities that are opening up in the industry.
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https://beststocks.com/analysts-raise-target-price-for-beacon-roofing-sup/
