JPMorgan Chase & Co. Issues Positive Forecast for Beacon Roofing Supply (NASDAQ:BECN) Stock Price

Beacon Roofing Supply (NASDAQ:BECN) had its price target boosted by analysts at JPMorgan Chase & Co. from $119.00 to $136.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 26.34% from the company’s previous close.

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

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock traded down $0.86 during trading hours on Tuesday, hitting $107.65. The stock had a trading volume of 546,764 shares, compared to its average volume of 724,076. The company has a 50-day moving average of $91.58 and a two-hundred day moving average of $92.43. 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 fifty-two week low of $77.54 and a fifty-two week high of $116.30. The company has a market cap of $6.66 billion, a PE ratio of 18.42 and a beta of 1.54.

Insider Activity

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the transaction, the insider now directly owns 9,131 shares in the company, valued at approximately $821,790. This trade represents a 22.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Clement Munroe Best III sold 5,637 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total value of $566,349.39. Following the transaction, the insider now directly owns 69,514 shares in the company, valued at $6,984,071.58. This trade represents a 7.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock valued at $1,526,146 over the last three months. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BECN. Allspring Global Investments Holdings LLC bought a new stake in Beacon Roofing Supply in the 1st quarter valued at $26,000. Quarry LP boosted its holdings in Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Blue Trust Inc. grew its position in Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after buying an additional 211 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Beacon Roofing Supply during the 3rd quarter worth $28,000. Finally, GAMMA Investing LLC raised its position in shares of Beacon Roofing Supply by 154.0% in the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after buying an additional 445 shares in the last quarter. Institutional investors 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.