Beacon Roofing Supply (NASDAQ:BECN) Cut to Sell at StockNews.com

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Thursday.

Other equities research analysts have also recently issued research reports about the company. 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 report on Thursday. Benchmark restated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a report on Friday, November 1st. Robert W. Baird lifted 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 upped their price target 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. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.33.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ BECN traded down $2.58 during midday trading on Thursday, reaching $114.60. 2,016,000 shares of the company traded hands, compared to its average volume of 1,220,620. The stock has a 50-day moving average price of $106.40 and a 200 day moving average price of $95.92. The company has a market cap of $7.09 billion, a price-to-earnings ratio of 19.59 and a beta of 1.61. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $121.22.

Insider Activity

In other news, insider Clement Munroe Best III sold 5,637 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total value of $566,349.39. Following the completion of the sale, the insider now directly owns 69,514 shares of the company’s stock, valued at $6,984,071.58. This represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 6,531 shares in the company, valued at $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,274 shares of company stock worth $1,578,146. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Hedge funds have recently modified their holdings of the stock. US Bancorp DE grew its stake in Beacon Roofing Supply by 2.3% in the third quarter. US Bancorp DE now owns 5,255 shares of the company’s stock valued at $454,000 after purchasing an additional 116 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of 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 during the last quarter. Equitable Trust Co. lifted its holdings in shares of Beacon Roofing Supply by 2.2% during the 3rd quarter. Equitable Trust Co. now owns 7,106 shares of the company’s stock valued at $614,000 after buying an additional 156 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Beacon Roofing Supply by 7.3% in the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock valued at $234,000 after buying an additional 181 shares in the last quarter. Finally, Quarry LP increased its holdings in Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after buying an additional 197 shares during the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

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.