Beacon Roofing Supply (NASDAQ:BECN) Stock Rating Lowered by Zelman & Associates

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by research analysts at Zelman & Associates from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

BECN has been the topic of a number of other reports. Stephens reaffirmed an “equal weight” rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. 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. BMO Capital Markets boosted their target price on Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. increased 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. Finally, StockNews.com cut Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Beacon Roofing Supply presently has an average rating of “Moderate Buy” and an average target price of $121.11.

Beacon Roofing Supply Stock Performance

Shares of Beacon Roofing Supply stock opened at $115.92 on Thursday. The company has a market cap of $7.17 billion, a PE ratio of 19.82 and a beta of 1.61. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $121.22. The business has a 50 day moving average price of $106.65 and a 200-day moving average price of $96.12.

Insider Activity at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the transaction, the insider now owns 6,531 shares in the company, valued at $718,410. This trade represents a 28.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were 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. The trade was a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,274 shares of company stock worth $1,578,146. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC grew its holdings in Beacon Roofing Supply by 2.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock valued at $501,000 after buying an additional 147 shares in the last quarter. Blair William & Co. IL grew its stake in Beacon Roofing Supply by 197.2% during the second quarter. Blair William & Co. IL now owns 19,544 shares of the company’s stock valued at $1,769,000 after acquiring an additional 12,969 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Beacon Roofing Supply by 3.2% during the 2nd quarter. Canada Pension Plan Investment Board now owns 100,800 shares of the company’s stock worth $9,122,000 after acquiring an additional 3,100 shares during the period. Bank of Montreal Can lifted its stake in Beacon Roofing Supply by 50.2% in the 2nd quarter. Bank of Montreal Can now owns 9,928 shares of the company’s stock worth $926,000 after purchasing an additional 3,320 shares in the last quarter. Finally, Xponance Inc. boosted its holdings in Beacon Roofing Supply by 23.0% in the 2nd quarter. Xponance Inc. now owns 4,981 shares of the company’s stock valued at $451,000 after purchasing an additional 931 shares during the period. 98.45% of the stock is currently owned by institutional investors.

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.