Beacon Roofing Supply’s (BECN) “Equal Weight” Rating Reaffirmed at Stephens

Beacon Roofing Supply (NASDAQ:BECN)‘s stock had its “equal weight” rating reaffirmed by equities research analysts at Stephens in a research report issued on Tuesday,Benzinga reports. They presently have a $103.00 price objective on the stock. Stephens’ target price points to a potential downside of 5.32% from the stock’s previous close.

BECN has been the topic of several other research reports. JPMorgan Chase & Co. raised their target price on Beacon Roofing Supply from $110.00 to $119.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Robert W. Baird boosted their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Royal Bank of Canada increased their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Benchmark restated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $116.11.

Beacon Roofing Supply Price Performance

BECN traded up $0.28 during midday trading on Tuesday, hitting $108.79. 488,825 shares of the company traded hands, compared to its average volume of 723,580. 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 business has a 50 day simple moving average of $91.58 and a two-hundred day simple moving average of $92.43. The company has a market capitalization of $6.73 billion, a price-to-earnings ratio of 18.58 and a beta of 1.54.

Insider Activity at Beacon Roofing Supply

In related news, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction 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. This trade represents a 22.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Clement Munroe Best III sold 7,037 shares of the business’s stock in a transaction dated 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 owns 69,449 shares in the company, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,274 shares of company stock worth $1,526,146. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of Beacon Roofing Supply during the first quarter worth $26,000. Russell Investments Group Ltd. grew its position in shares of Beacon Roofing Supply by 0.5% during the first quarter. Russell Investments Group Ltd. now owns 58,040 shares of the company’s stock worth $5,624,000 after buying an additional 276 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Beacon Roofing Supply by 12.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 17,338 shares of the company’s stock valued at $1,699,000 after acquiring an additional 1,930 shares in the last quarter. Blair William & Co. IL acquired a new position in shares of Beacon Roofing Supply during the first quarter worth $644,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Beacon Roofing Supply by 177.6% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,535 shares of the company’s stock valued at $154,000 after purchasing an additional 982 shares during the period. Institutional investors and hedge funds 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.