Beacon Roofing Supply (NASDAQ:BECN) Sees Large Volume Increase After Analyst Upgrade

Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares saw unusually-high trading volume on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $119.00 to $136.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Approximately 401,169 shares traded hands during mid-day trading, a decline of 45% from the previous session’s volume of 722,854 shares.The stock last traded at $108.86 and had previously closed at $108.51.

A number of other brokerages have also recently issued reports on BECN. Royal Bank of Canada increased their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Stephens reiterated an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a research report on Tuesday. Benchmark restated a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Finally, Robert W. Baird raised their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Beacon Roofing Supply has a consensus rating of “Moderate Buy” and an average target price of $118.00.

Insider Activity

In other news, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $103.14, for a total transaction of $725,796.18. Following the completion of the sale, the insider now owns 69,449 shares in the company, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the transaction, the insider now directly owns 9,131 shares in the company, valued at $821,790. The trade was a 22.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,274 shares of company stock valued at $1,526,146 over the last three months. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Several institutional investors have recently made changes to their positions in the stock. Boston Partners grew its stake in Beacon Roofing Supply by 79.6% during the first quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after buying an additional 569,627 shares in the last quarter. Blair William & Co. IL bought a new stake in shares of Beacon Roofing Supply during the 1st quarter worth $644,000. Vaughan Nelson Investment Management L.P. boosted its stake in Beacon Roofing Supply by 18.7% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock valued at $83,239,000 after buying an additional 152,030 shares in the last quarter. Bayesian Capital Management LP bought a new position in shares of Beacon Roofing Supply in the first quarter worth about $572,000. Finally, Comerica Bank lifted its holdings in shares of Beacon Roofing Supply by 109.5% in the first quarter. Comerica Bank now owns 89,967 shares of the company’s stock worth $8,818,000 after acquiring an additional 47,028 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors.

Beacon Roofing Supply Stock Performance

The firm has a market capitalization of $6.67 billion, a price-to-earnings ratio of 18.42 and a beta of 1.54. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock’s 50-day moving average is $91.58 and its 200-day moving average is $92.43.

Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company 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.