Stifel Nicolaus Reaffirms Buy Rating for Beacon Roofing Supply (NASDAQ:BECN)

Beacon Roofing Supply (NASDAQ:BECN)‘s stock had its “buy” rating reiterated by equities research analysts at Stifel Nicolaus in a report issued on Wednesday,Benzinga reports. They presently have a $115.00 target price on the stock. Stifel Nicolaus’ price objective indicates a potential upside of 12.66% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. Robert W. Baird boosted their target price on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Stephens reiterated an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. JPMorgan Chase & Co. upped their price target 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. Royal Bank of Canada lifted their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Benchmark reiterated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $117.56.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock opened at $102.08 on Wednesday. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $116.30. 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 has a market cap of $6.32 billion, a P/E ratio of 17.45 and a beta of 1.61. The stock has a 50 day moving average of $104.73 and a 200-day moving average of $95.15.

Insider Transactions at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 7,037 shares of the business’s 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 owns 69,449 shares of the company’s stock, valued at approximately $7,162,969.86. The trade was a 9.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the completion of the sale, the insider now directly owns 6,531 shares of the company’s stock, valued at $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,274 shares of company stock valued at $1,578,146. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of Beacon Roofing Supply by 17.6% during the third 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 period. Janus Henderson Group PLC raised its holdings 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 valued at $53,205,000 after acquiring an additional 575,852 shares during the period. Citigroup Inc. lifted its position in shares of Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after acquiring an additional 473,937 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in Beacon Roofing Supply in the 2nd quarter worth approximately $39,606,000. Finally, 140 Summer Partners LP purchased a new position in Beacon Roofing Supply during the 3rd quarter worth approximately $29,343,000. 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.