Wedbush Reconfirmed Beacon Roofing Supply (NASDAQ:BECN) As a “Outperform”; They Now Have a Price Objective Of $50

August 9, 2018 - By Jack Shaw

Beacon Roofing Supply, Inc. (NASDAQ:BECN) Logo

Investors sentiment decreased to 0.86 in 2018 Q1. Its down 0.52, from 1.38 in 2017Q4. It is negative, as 36 investors sold Beacon Roofing Supply, Inc. shares while 89 reduced holdings. 36 funds opened positions while 71 raised stakes. 63.59 million shares or 1.89% less from 64.82 million shares in 2017Q4 were reported.

The Kansas-based Koch Indus Incorporated has invested 0.05% in Beacon Roofing Supply, Inc. (NASDAQ:BECN). Lord Abbett Limited Liability Corp, a New Jersey-based fund reported 1.67 million shares. Lloyds Public Limited Com reported 2,957 shares or 1.21% of all its holdings. Blair William And Co Il reported 0% in Beacon Roofing Supply, Inc. (NASDAQ:BECN). Pnc Finance Service Grp holds 0% of its portfolio in Beacon Roofing Supply, Inc. (NASDAQ:BECN) for 50,800 shares. Tompkins Financial Corporation accumulated 561 shares. Moreover, Jpmorgan Chase has 0% invested in Beacon Roofing Supply, Inc. (NASDAQ:BECN). Bb&T Securities Limited Com invested in 0% or 6,485 shares. Northern Trust reported 0.01% stake. Qs Invsts Limited has 42 shares for 0% of their portfolio. Stratos Wealth Prtn Ltd accumulated 0% or 91 shares. Raymond James & Assoc stated it has 40,399 shares. Georgia-based Atlantic Grp Incorporated has invested 0% in Beacon Roofing Supply, Inc. (NASDAQ:BECN). Dudley And Shanley stated it has 504,250 shares or 5.12% of all its holdings. Huntington Retail Bank holds 0% of its portfolio in Beacon Roofing Supply, Inc. (NASDAQ:BECN) for 3,008 shares.

Since May 18, 2018, it had 2 insider buys, and 0 selling transactions for $601,743 activity. NOWICKI JOSEPH M bought $99,912 worth of stock or 2,470 shares.

Beacon Roofing Supply (NASDAQ:BECN) Rating Reaffirmed

Wedbush now has a $50 target price on shares of Beacon Roofing Supply (NASDAQ:BECN). The target price suggests a potential upside of 27.94 % from the previous stock close of Beacon Roofing Supply (NASDAQ:BECN). This rating was shown in analysts note on 8 August.

Beacon Roofing Supply, Inc. (NASDAQ:BECN) Ratings Coverage

Among 10 analysts covering Beacon Roofing Supply (NASDAQ:BECN), 4 have Buy rating, 1 Sell and 5 Hold. Therefore 40% are positive. Beacon Roofing Supply has $6500 highest and $44 lowest target. $54.80’s average target is 40.23% above currents $39.08 stock price. Beacon Roofing Supply had 13 analyst reports since February 13, 2018 according to SRatingsIntel. The firm earned “Underperform” rating on Wednesday, August 8 by Wells Fargo. The rating was upgraded by Stephens on Friday, July 20 to “Overweight”. The rating was downgraded by JP Morgan to “Neutral” on Thursday, May 10. The rating was downgraded by RBC Capital Markets to “Sector Perform” on Thursday, June 28. On Wednesday, August 8 the stock rating was downgraded by Citigroup to “Neutral”. The firm earned “Outperform” rating on Tuesday, February 13 by Wedbush. The stock of Beacon Roofing Supply, Inc. (NASDAQ:BECN) earned “Buy” rating by Wedbush on Wednesday, May 9. The stock of Beacon Roofing Supply, Inc. (NASDAQ:BECN) earned “Outperform” rating by Wedbush on Wednesday, August 8. On Wednesday, May 9 the stock rating was downgraded by Jefferies to “Hold”. Citigroup reinitiated the shares of BECN in report on Tuesday, June 19 with “Buy” rating.

The stock increased 6.95% or $2.54 during the last trading session, reaching $39.08. About 1.52 million shares traded or 12.78% up from the average. Beacon Roofing Supply, Inc. (NASDAQ:BECN) has declined 14.29% since August 9, 2017 and is downtrending. It has underperformed by 26.86% the S&P500.

Beacon Roofing Supply, Inc., together with its subsidiaries, distributes residential and non-residential roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company has market cap of $2.66 billion. The companyÂ’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 other accessories. It has a 29.83 P/E ratio. The Company’s non-residential roofing products comprise single-ply roofing, asphalt, metal, modified bitumen, and build-up roofing products; cements and coatings; flat stock and tapered insulations; commercial fasteners; metal edges and flashings; smoke/roof hatches; roofing tools; sheet metal products, including copper, aluminum, and steel; and PVC, thermoplastic olefin, and ethylene propylene diene monomer membrane products.

More notable recent Beacon Roofing Supply, Inc. (NASDAQ:BECN) news were published by: 247Wallst.com which released: “Top Analyst Upgrades and Downgrades: AECOM, CyberArk, Dillard’s, Hasbro, Mattel, Newell, Papa John’s, Shopify …” on August 08, 2018, also Benzinga.com with their article: “Benzinga’s Top Upgrades, Downgrades For August 8, 2018” published on August 08, 2018, Benzinga.com published: “40 Stocks Moving In Wednesday’s Pre-Market Session” on August 08, 2018. More interesting news about Beacon Roofing Supply, Inc. (NASDAQ:BECN) were released by: Benzinga.com and their article: “85 Biggest Movers From Yesterday” published on August 09, 2018 as well as Benzinga.com‘s news article titled: “68 Stocks Moving In Wednesday’s Mid-Day Session” with publication date: August 08, 2018.

Beacon Roofing Supply, Inc. (NASDAQ:BECN) Institutional Positions Chart

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