Beacon Roofing Supply (NASDAQ:BECN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Beacon Roofing Supply (NASDAQ:BECN) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $119.00 to $136.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 24.84% from the stock’s current price.

A number of other brokerages have also recently commented on BECN. Robert W. Baird lifted their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Benchmark reiterated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Stephens reiterated an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday. Finally, Royal Bank of Canada lifted their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Beacon Roofing Supply currently has an average rating of “Moderate Buy” and an average target price of $118.00.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ BECN opened at $108.94 on Tuesday. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock’s 50-day moving average is $93.31 and its 200 day moving average is $92.71. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of 18.62 and a beta of 1.54. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $116.30.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction on Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the transaction, the insider now directly owns 9,131 shares in the company, valued at approximately $821,790. This trade represents a 22.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Clement Munroe Best III sold 7,037 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $103.14, for a total value of $725,796.18. Following the transaction, the insider now owns 69,449 shares in the company, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,874 shares of company stock valued at $1,812,146 in the last ninety days. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in Beacon Roofing Supply in the 1st quarter worth about $26,000. Blue Trust Inc. raised its holdings in Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 211 shares during the period. Quarry LP raised its holdings in Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after purchasing an additional 197 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Beacon Roofing Supply in the 3rd quarter worth about $28,000. Finally, GAMMA Investing LLC raised its holdings in Beacon Roofing Supply by 154.0% in the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after purchasing an additional 445 shares during the period. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.