Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives $117.88 Consensus PT from Brokerages

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) have received an average rating of “Moderate Buy” from the nine ratings firms that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $117.88.

BECN has been the topic of several recent research reports. Robert W. Baird increased their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Stephens restated an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Benchmark reissued a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research report on Friday, November 1st. JPMorgan Chase & Co. raised their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada boosted their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, November 1st.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the transaction, the insider now owns 6,531 shares of the company’s stock, valued at $718,410. This represents a 28.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Clement Munroe Best III sold 5,637 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total value of $566,349.39. Following the sale, the insider now owns 69,514 shares in the company, valued at $6,984,071.58. The trade was 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 $1,578,146 in the last 90 days. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of Beacon Roofing Supply

Several institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its holdings in shares of Beacon Roofing Supply by 20.4% during the second quarter. Bank of New York Mellon Corp now owns 315,893 shares of the company’s stock valued at $28,588,000 after acquiring an additional 53,558 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Beacon Roofing Supply by 29.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,777 shares of the company’s stock worth $1,156,000 after buying an additional 2,872 shares in the last quarter. Principal Financial Group Inc. raised its stake in Beacon Roofing Supply by 16.6% in the second quarter. Principal Financial Group Inc. now owns 54,744 shares of the company’s stock worth $4,954,000 after buying an additional 7,812 shares in the last quarter. Natixis Advisors LLC lifted its holdings in Beacon Roofing Supply by 6.0% in the second quarter. Natixis Advisors LLC now owns 177,021 shares of the company’s stock worth $16,021,000 after buying an additional 10,096 shares during the period. Finally, Cannon Global Investment Management LLC bought a new stake in Beacon Roofing Supply during the 2nd quarter valued at approximately $364,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Price Performance

BECN stock opened at $101.98 on Thursday. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The company’s 50-day moving average is $104.55 and its 200-day moving average is $95.09. The stock has a market capitalization of $6.31 billion, a PE ratio of 17.43 and a beta of 1.61. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $116.30.

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.