Fintel reports that on October 5, 2023, RBC Capital upgraded their outlook for Beacon Roofing Supply Inc – (NASDAQ:BECN) from Sector Perform to Outperform .
Analyst Price Forecast Suggests 31.04% Upside
As of October 5, 2023, the average one-year price target for Beacon Roofing Supply Inc – is 99.87. The forecasts range from a low of 91.91 to a high of $113.40. The average price target represents an increase of 31.04% from its latest reported closing price of 76.21.
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The projected annual revenue for Beacon Roofing Supply Inc – is 8,621MM, an increase of 0.00%. The projected annual non-GAAP EPS is 6.25.
What is the Fund Sentiment?
There are 564 funds or institutions reporting positions in Beacon Roofing Supply Inc -. This is an increase of 14 owner(s) or 2.55% in the last quarter. Average portfolio weight of all funds dedicated to BECN is 0.29%, an increase of 1.39%. Total shares owned by institutions decreased in the last three months by 2.71% to 72,323K shares. The put/call ratio of BECN is 0.49, indicating a bullish outlook.
What are Other Shareholders Doing?
Clayton, Dubilier & Rice holds 15,195K shares representing 24.08% ownership of the company. In it’s prior filing, the firm reported owning 15,095K shares, representing an increase of 0.66%. The firm increased its portfolio allocation in BECN by 92.14% over the last quarter.
T. Rowe Price Investment Management holds 3,541K shares representing 5.61% ownership of the company. In it’s prior filing, the firm reported owning 3,485K shares, representing an increase of 1.58%. The firm increased its portfolio allocation in BECN by 36.11% over the last quarter.
American Century Companies holds 2,501K shares representing 3.96% ownership of the company. In it’s prior filing, the firm reported owning 3,964K shares, representing a decrease of 58.48%. The firm decreased its portfolio allocation in BECN by 14.85% over the last quarter.
Frontier Capital Management Co holds 2,417K shares representing 3.83% ownership of the company. In it’s prior filing, the firm reported owning 1,722K shares, representing an increase of 28.75%. The firm increased its portfolio allocation in BECN by 83.34% over the last quarter.
Fiduciary Management holds 1,805K shares representing 2.86% ownership of the company. In it’s prior filing, the firm reported owning 1,708K shares, representing an increase of 5.38%. The firm increased its portfolio allocation in BECN by 48.92% over the last quarter.
Beacon Roofing Supply Background Information
(This description is provided by the company.)
Founded in 1928, Beacon is a Fortune 500, publicly traded distributor of roofing materials and complementary building products in North America, operating over 400 branches throughout all 50 states in the U.S. and 6 provinces in Canada. Beacon serves an extensive base of over 90,000 customers, utilizing its vast branch network and diverse service offerings to provide high-quality products and support throughout the entire business lifecycle. Beacon offers its own private label brand, TRI-BUILT, and has a proprietary digital account management suite, Beacon PRO+, which allows customers to manage their businesses online.
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This story originally appeared on Fintel.
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https://www.nasdaq.com/articles/rbc-capital-upgrades-beacon-roofing-supply-inc-becn
