Beacon Roofing Supply (NASDAQ:BECN) Coverage Initiated by Analysts at StockNews.com

StockNews.com began coverage on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note issued to investors on Wednesday. The firm issued a sell rating on the stock.

A number of other brokerages have also recently weighed in on BECN. Stifel Nicolaus lifted their price target on shares of Beacon Roofing Supply from $115.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Royal Bank of Canada lifted their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report on Friday, November 1st. JPMorgan Chase & Co. raised their price objective 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, Robert W. Baird upped their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One equities research 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $121.11.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock opened at $118.97 on Wednesday. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 20.34 and a beta of 1.62. Beacon Roofing Supply has a 12 month low of $77.54 and a 12 month high of $121.22. 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 stock’s 50-day moving average is $109.34 and its 200-day moving average is $98.37.

Insider Buying and Selling

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the completion of the transaction, the insider now directly owns 6,531 shares of the company’s stock, valued at $718,410. This trade represents a 28.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $103.14, for a total value of $725,796.18. Following the completion of the sale, the insider now directly owns 69,449 shares of the company’s stock, valued at approximately $7,162,969.86. This represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in Beacon Roofing Supply by 17.6% in the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after acquiring an additional 963,633 shares during the period. Janus Henderson Group PLC lifted its holdings in Beacon Roofing Supply by 1,449.0% in the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after purchasing an additional 575,852 shares during the period. Citigroup Inc. grew its position in Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after buying an additional 473,937 shares in the last quarter. 140 Summer Partners LP acquired a new position in Beacon Roofing Supply during the 3rd quarter valued at about $29,343,000. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Beacon Roofing Supply by 18.7% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock worth $83,239,000 after buying an additional 152,030 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.