Beacon Roofing Supply (NASDAQ:BECN) Cut to “Hold” at Zelman & Associates

Zelman & Associates lowered shares of Beacon Roofing Supply (NASDAQ:BECN) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday morning,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the company. Stifel Nicolaus boosted their price target on shares of Beacon Roofing Supply from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday. BMO Capital Markets upped their target price on Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a report on Thursday. 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 research note on Friday, November 1st. 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. Finally, Robert W. Baird increased 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 research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of “Moderate Buy” and an average target price of $121.11.

Beacon Roofing Supply Stock Performance

Shares of BECN opened at $115.92 on Thursday. The stock’s 50-day simple moving average is $106.65 and its 200 day simple moving average is $96.18. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $121.22. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 19.82 and a beta of 1.61.

Insider Buying and Selling

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

Institutional Investors Weigh In On Beacon Roofing Supply

A number of hedge funds have recently bought and sold shares of BECN. Vanguard Personalized Indexing Management LLC increased its position in Beacon Roofing Supply by 2.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock valued at $501,000 after acquiring an additional 147 shares during the last quarter. Blair William & Co. IL grew its stake in Beacon Roofing Supply by 197.2% in the 2nd quarter. Blair William & Co. IL now owns 19,544 shares of the company’s stock worth $1,769,000 after acquiring an additional 12,969 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Beacon Roofing Supply by 3.2% in the second quarter. Canada Pension Plan Investment Board now owns 100,800 shares of the company’s stock worth $9,122,000 after purchasing an additional 3,100 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Beacon Roofing Supply by 50.2% during the second quarter. Bank of Montreal Can now owns 9,928 shares of the company’s stock valued at $926,000 after buying an additional 3,320 shares during the period. Finally, Xponance Inc. raised its stake in Beacon Roofing Supply by 23.0% in the second quarter. Xponance Inc. now owns 4,981 shares of the company’s stock worth $451,000 after buying an additional 931 shares in the last quarter. Hedge funds and other institutional investors 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.