JPMorgan Chase & Co. Trims Beacon Roofing Supply (NASDAQ:BECN) Target Price to $59.00

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JPMorgan Chase & Co. Trims Beacon Roofing Supply (NASDAQ:BECN) Target Price to .00
JPMorgan Chase & Co. Trims Beacon Roofing Supply (NASDAQ:BECN) Target Price to .00


Beacon Roofing Supply (NASDAQ:BECN – Get Rating) had its price target reduced by JPMorgan Chase & Co. from $66.00 to $59.00 in a report published on Friday, The Fly reports.

A number of other analysts also recently weighed in on the stock. Royal Bank of Canada downgraded shares of Beacon Roofing Supply from an outperform rating to a sector perform rating and reduced their target price for the stock from $70.00 to $58.00 in a report on Wednesday, June 22nd. Wells Fargo & Company reduced their target price on shares of Beacon Roofing Supply from $67.00 to $56.00 and set an equal weight rating on the stock in a report on Tuesday, June 28th. Robert W. Baird boosted their target price on shares of Beacon Roofing Supply from $74.00 to $83.00 in a report on Friday, May 6th. Finally, StockNews.com began coverage on shares of Beacon Roofing Supply in a report on Thursday, March 31st. They issued a hold rating on the stock. Eight investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Beacon Roofing Supply currently has an average rating of Hold and a consensus price target of $61.38.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ BECN opened at $54.90 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 1.85. The company has a market cap of $3.77 billion, a P/E ratio of 15.87 and a beta of 1.78. The firm’s fifty day moving average is $57.21 and its two-hundred day moving average is $57.63. Beacon Roofing Supply has a 52-week low of $45.71 and a 52-week high of $65.30.

Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.43 billion. Beacon Roofing Supply had a net margin of 4.24% and a return on equity of 26.21%. As a group, analysts anticipate that Beacon Roofing Supply will post 6.61 EPS for the current fiscal year.

Insider Activity at Beacon Roofing Supply

In related news, major shareholder Cd&R Investment Associates Ix, acquired 102,219 shares of the stock in a transaction on Friday, April 29th. The stock was bought at an average cost of $58.70 per share, with a total value of $6,000,255.30. Following the transaction, the insider now directly owns 14,755,648 shares in the company, valued at $866,156,537.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.95% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds have recently modified their holdings of the business. Clayton Dubilier & Rice LLC lifted its position in shares of Beacon Roofing Supply by 0.8% in the 1st quarter. Clayton Dubilier & Rice LLC now owns 14,671,917 shares of the company’s stock worth $869,751,000 after purchasing an additional 112,962 shares during the period. American Century Companies Inc. lifted its position in shares of Beacon Roofing Supply by 8.6% in the 1st quarter. American Century Companies Inc. now owns 3,622,807 shares of the company’s stock worth $214,760,000 after purchasing an additional 285,685 shares during the period. Fuller & Thaler Asset Management Inc. lifted its position in shares of Beacon Roofing Supply by 9.7% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,160,787 shares of the company’s stock worth $123,921,000 after purchasing an additional 191,517 shares during the period. JPMorgan Chase & Co. lifted its position in Beacon Roofing Supply by 560.5% during the fourth quarter. JPMorgan Chase & Co. now owns 2,085,625 shares of the company’s stock valued at $119,611,000 after acquiring an additional 1,769,848 shares during the last quarter. Finally, Frontier Capital Management Co. LLC lifted its position in Beacon Roofing Supply by 0.7% during the first quarter. Frontier Capital Management Co. LLC now owns 1,408,741 shares of the company’s stock valued at $83,510,000 after acquiring an additional 9,922 shares during the last quarter.

About Beacon Roofing Supply

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Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It 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.

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JPMorgan Chase & Co. Trims Beacon Roofing Supply (NASDAQ:BECN) Target Price to .00

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2022-07-18 08:03:57

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