Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Beacon Roofing Supply, Inc. (NASDAQ:BECN) has been assigned a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $121.11.

A number of brokerages recently commented on BECN. BMO Capital Markets upped their price target on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. StockNews.com downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark reaffirmed a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Finally, Robert W. Baird raised their price target on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th.

Insider Activity

In related news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $110.00, for a total transaction of $286,000.00. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction of $725,796.18. Following the completion of the sale, the insider now directly owns 69,449 shares in the company, valued at $7,162,969.86. This represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,274 shares of company stock valued at $1,578,146. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can lifted its stake in Beacon Roofing Supply by 50.2% during the 2nd quarter. Bank of Montreal Can now owns 9,928 shares of the company’s stock valued at $926,000 after acquiring an additional 3,320 shares during the period. Xponance Inc. grew its position in Beacon Roofing Supply by 23.0% in the 2nd quarter. Xponance Inc. now owns 4,981 shares of the company’s stock worth $451,000 after purchasing an additional 931 shares during the period. The Manufacturers Life Insurance Company raised its stake in Beacon Roofing Supply by 24.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,911 shares of the company’s stock valued at $4,064,000 after buying an additional 8,924 shares during the last quarter. Scientech Research LLC lifted its holdings in shares of Beacon Roofing Supply by 23.7% during the 2nd quarter. Scientech Research LLC now owns 5,184 shares of the company’s stock valued at $469,000 after buying an additional 993 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Beacon Roofing Supply in the 2nd quarter worth $326,000. 98.45% of the stock is owned by institutional investors.

Beacon Roofing Supply Stock Performance

Shares of BECN stock opened at $118.42 on Monday. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $121.22. The firm’s 50-day simple moving average is $108.10 and its two-hundred day simple moving average is $97.20. The firm has a market cap of $7.33 billion, a price-to-earnings ratio of 20.24 and a beta of 1.61. 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 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.