Beacon Roofing Supply (NASDAQ:BECN) Coverage Initiated by Analysts at StockNews.com

Research analysts at StockNews.com started coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note issued on Wednesday. The brokerage set a “sell” rating on the stock.

Several other analysts also recently weighed in on the company. Stifel Nicolaus raised their target price on Beacon Roofing Supply from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, January 17th. BMO Capital Markets raised their price objective on Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. upped their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Stephens reissued an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada lifted their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.11.

Beacon Roofing Supply Stock Up 0.4 %

Shares of NASDAQ BECN traded up $0.51 during trading on Wednesday, reaching $118.97. 758,182 shares of the stock were exchanged, compared to its average volume of 1,137,773. The company has a market capitalization of $7.36 billion, a price-to-earnings ratio of 20.34 and a beta of 1.62. The business’s 50-day moving average price is $109.34 and its 200 day moving average price is $98.37. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a twelve month low of $77.54 and a twelve month high of $121.22.

Insider Activity

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $103.14, for a total value of $725,796.18. Following the sale, the insider now directly owns 69,449 shares of the company’s stock, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the transaction, the insider now directly owns 6,531 shares of the company’s stock, valued at approximately $718,410. This trade represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

A number of large investors have recently modified their holdings of the company. FMR LLC grew its position in Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after purchasing an additional 963,633 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Beacon Roofing Supply by 1,449.0% during the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after buying an additional 575,852 shares during the period. Citigroup Inc. grew its holdings in Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after buying an additional 473,937 shares in the last quarter. 140 Summer Partners LP acquired a new stake in Beacon Roofing Supply in the 3rd quarter valued at approximately $29,343,000. Finally, Vaughan Nelson Investment Management L.P. raised its stake in Beacon Roofing Supply by 18.7% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock valued at $83,239,000 after acquiring an additional 152,030 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

About Beacon Roofing Supply

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.