Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives Average Rating of “Moderate Buy” from Brokerages

Beacon Roofing Supply, Inc. (NASDAQ:BECN) has received an average rating of “Moderate Buy” from the ten research firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $118.00.

BECN has been the topic of several recent research reports. Stephens reiterated an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday. Royal Bank of Canada increased their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. boosted their price objective on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday. Robert W. Baird increased their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Benchmark reissued a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a research report on Friday, November 1st.

Beacon Roofing Supply Price Performance

Shares of BECN stock opened at $109.24 on Wednesday. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of 18.67 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. Beacon Roofing Supply has a twelve month low of $77.54 and a twelve month high of $116.30. The stock has a fifty day simple moving average of $92.73 and a two-hundred day simple moving average of $92.60.

Insider Buying and Selling at Beacon Roofing Supply

In related news, insider Jason L. Taylor sold 2,600 shares of the 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 of the company’s stock, valued at $821,790. This trade represents a 22.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Clement Munroe Best III sold 7,037 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $103.14, for a total transaction of $725,796.18. Following the sale, the insider now directly owns 69,449 shares in the company, valued at approximately $7,162,969.86. This represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,274 shares of company stock worth $1,526,146. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Beacon Roofing Supply in the first quarter worth about $26,000. Quarry LP increased its holdings in Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after buying an additional 197 shares during the period. Blue Trust Inc. raised its position in Beacon Roofing Supply by 222.1% during the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after buying an additional 211 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Beacon Roofing Supply in the third quarter worth $28,000. Finally, GAMMA Investing LLC raised its holdings in shares of Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after purchasing an additional 445 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.