BECN

Benchmark Initiates Coverage of Beacon Roofing Supply (BECN) with Buy Recommendation

Fintel reports that on April 18, 2024, Benchmark initiated coverage of Beacon Roofing Supply (NasdaqGS:BECN) with a Buy recommendation.

Analyst Price Forecast Suggests 15.92% Upside

As of April 18, 2024, the average one-year price target for Beacon Roofing Supply is 108.32. The forecasts range from a low of 90.90 to a high of $126.00. The average price target represents an increase of 15.92% from its latest reported closing price of 93.45.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Beacon Roofing Supply is 8,610MM, a decrease of 5.59%. The projected annual non-GAAP EPS is 6.18.

What is the Fund Sentiment?

There are 700 funds or institutions reporting positions in Beacon Roofing Supply. This is an increase of 82 owner(s) or 13.27% in the last quarter. Average portfolio weight of all funds dedicated to BECN is 0.26%, a decrease of 0.62%. Total shares owned by institutions increased in the last three months by 0.43% to 70,546K shares. BECN / Beacon Roofing Supply, Inc. Put/Call Ratios The put/call ratio of BECN is 0.42, indicating a bullish outlook.

What are Other Shareholders Doing?

BECN / Beacon Roofing Supply, Inc. Shares Held by Institutions

Clayton, Dubilier & Rice holds 5,241K shares representing 8.24% ownership of the company. In it's prior filing, the firm reported owning 10,241K shares, representing a decrease of 95.40%. The firm decreased its portfolio allocation in BECN by 57.94% over the last quarter.

T. Rowe Price Investment Management holds 3,423K shares representing 5.38% ownership of the company. In it's prior filing, the firm reported owning 3,462K shares, representing a decrease of 1.12%. The firm increased its portfolio allocation in BECN by 2.58% over the last quarter.

American Century Companies holds 2,885K shares representing 4.54% ownership of the company. In it's prior filing, the firm reported owning 2,734K shares, representing an increase of 5.22%. The firm increased its portfolio allocation in BECN by 4.63% over the last quarter.

Frontier Capital Management Co holds 2,127K shares representing 3.34% ownership of the company. In it's prior filing, the firm reported owning 1,812K shares, representing an increase of 14.77%. The firm increased its portfolio allocation in BECN by 21.58% over the last quarter.

Fiduciary Management holds 1,889K shares representing 2.97% ownership of the company. In it's prior filing, the firm reported owning 1,816K shares, representing an increase of 3.84%. The firm increased its portfolio allocation in BECN by 7.69% 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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