Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives Consensus Rating of “Moderate Buy” from Analysts

Beacon Roofing Supply, Inc. (NASDAQ:BECN) has received a consensus rating of “Moderate Buy” from the ten ratings firms that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $118.00.

BECN has been the topic of a number of research analyst reports. Robert W. Baird raised their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price target 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. Royal Bank of Canada upped 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. Stephens reiterated an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Finally, Benchmark reissued a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st.

Beacon Roofing Supply Stock Down 1.4 %

Shares of NASDAQ BECN opened at $111.57 on Friday. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $116.30. The stock has a market cap of $6.91 billion, a P/E ratio of 19.07 and a beta of 1.59. 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 business’s fifty day simple moving average is $99.83 and its 200-day simple moving average is $94.15.

Insider Buying and Selling

In other news, insider Clement Munroe Best III sold 7,037 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was 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 owns 69,449 shares of the company’s stock, valued at $7,162,969.86. This represents 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 at this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s 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 sale, the insider now owns 6,531 shares in the company, valued at approximately $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,874 shares of company stock valued at $1,812,146. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. increased its holdings in Beacon Roofing Supply by 2.5% during the 3rd quarter. Franklin Resources Inc. now owns 540,305 shares of the company’s stock worth $50,443,000 after purchasing an additional 13,092 shares during the last quarter. Tidal Investments LLC increased its stake in shares of Beacon Roofing Supply by 11.8% in the third quarter. Tidal Investments LLC now owns 5,022 shares of the company’s stock worth $434,000 after buying an additional 530 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Beacon Roofing Supply in the third quarter worth $240,000. Barclays PLC raised its holdings in Beacon Roofing Supply by 272.0% in the third quarter. Barclays PLC now owns 122,024 shares of the company’s stock valued at $10,547,000 after acquiring an additional 89,222 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Beacon Roofing Supply during the 3rd quarter valued at $599,000. 98.45% of the stock is currently owned by hedge funds and other 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.