Beacon Roofing Supply (NASDAQ:BECN) Sees Unusually-High Trading Volume After Analyst Upgrade

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw an uptick in trading volume on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $119.00 to $136.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. 401,169 shares changed hands during trading, a decline of 45% from the previous session’s volume of 722,854 shares.The stock last traded at $108.86 and had previously closed at $108.51.

Other equities research analysts have also issued reports about the stock. 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 boosted their price target on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Stephens reaffirmed an “equal weight” rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday. Finally, Royal Bank of Canada boosted their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $118.00.

Insider Activity

In related news, 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 transaction of $725,796.18. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the completion of the transaction, the insider now directly owns 9,131 shares of the company’s stock, valued at approximately $821,790. The trade was a 22.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,274 shares of company stock valued at $1,526,146. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after buying an additional 963,633 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Beacon Roofing Supply by 14.1% during the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock valued at $689,814,000 after acquiring an additional 872,216 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Beacon Roofing Supply by 1,449.0% in the 3rd 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 last quarter. Boston Partners boosted its stake in Beacon Roofing Supply by 79.6% in the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after purchasing an additional 569,627 shares in the last quarter. Finally, Citigroup Inc. grew its position in Beacon Roofing Supply by 1,192.1% during the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after purchasing an additional 473,937 shares during the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Beacon Roofing Supply Stock Performance

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 firm has a market capitalization of $6.76 billion, a P/E ratio of 18.67 and a beta of 1.54. The business’s 50 day simple moving average is $92.73 and its two-hundred day simple moving average is $92.60.

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.