Beacon Roofing Supply (NASDAQ:BECN) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Beacon Roofing Supply (NASDAQ:BECN) had its price target boosted by analysts at BMO Capital Markets from $125.00 to $136.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. BMO Capital Markets’ price target indicates a potential upside of 17.71% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Robert W. Baird upped their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. 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. Royal Bank of Canada increased their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Stephens reissued an “equal weight” rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. raised their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Beacon Roofing Supply presently has a consensus rating of “Moderate Buy” and an average target price of $119.33.

Beacon Roofing Supply Stock Down 1.4 %

Shares of NASDAQ:BECN traded down $1.64 on Thursday, hitting $115.54. 819,984 shares of the company’s stock were exchanged, compared to its average volume of 1,092,629. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $121.22. The company has a market capitalization of $7.15 billion, a PE ratio of 19.75 and a beta of 1.61. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The firm’s 50-day moving average is $106.15 and its 200 day moving average is $95.79.

Insider Activity

In other news, insider Clement Munroe Best III sold 5,637 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the transaction, the insider now owns 69,514 shares of the company’s stock, valued at approximately $6,984,071.58. The trade was a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $110.00, for a total value of $286,000.00. Following the sale, the insider now directly owns 6,531 shares of the company’s stock, valued at approximately $718,410. This represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,274 shares of company stock valued at $1,578,146. Insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Several hedge funds have recently modified their holdings of the business. Intech Investment Management LLC purchased a new position in Beacon Roofing Supply in the third quarter worth $1,441,000. Barclays PLC increased its holdings in shares of Beacon Roofing Supply by 272.0% in the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock valued at $10,547,000 after purchasing an additional 89,222 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Beacon Roofing Supply by 23.0% in the third quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company’s stock valued at $3,668,000 after purchasing an additional 7,924 shares during the period. JPMorgan Chase & Co. boosted its holdings in Beacon Roofing Supply by 16.3% during the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock worth $30,849,000 after buying an additional 49,902 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Beacon Roofing Supply during the third quarter worth about $4,331,000. 98.45% of the stock is owned by institutional investors and hedge funds.

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.