Beacon Roofing Supply (NASDAQ:BECN) Cut to “Hold” at Stifel Nicolaus

Stifel Nicolaus cut shares of Beacon Roofing Supply (NASDAQ:BECN) from a buy rating to a hold rating in a research note released on Friday, Marketbeat Ratings reports. The firm currently has $122.55 price target on the stock, down from their previous price target of $131.00.

A number of other analysts have also weighed in on BECN. Benchmark reissued a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Royal Bank of Canada increased their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. StockNews.com initiated coverage on Beacon Roofing Supply in a report on Wednesday, February 5th. They set a “sell” rating for the company. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Finally, 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $120.17.

Beacon Roofing Supply Stock Down 0.7 %

NASDAQ BECN opened at $119.70 on Friday. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $121.42. The firm has a market capitalization of $7.41 billion, a price-to-earnings ratio of 20.46 and a beta of 1.62. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The company has a fifty day moving average of $109.63 and a two-hundred day moving average of $98.69.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction 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 owns 6,531 shares of the company’s stock, valued at approximately $718,410. This trade represents a 28.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 made changes to their positions in the stock. Creative Planning raised its holdings in Beacon Roofing Supply by 29.9% in the second quarter. Creative Planning now owns 11,177 shares of the company’s stock worth $1,012,000 after purchasing an additional 2,575 shares in the last quarter. Truist Financial Corp bought a new position in shares of Beacon Roofing Supply during the 2nd quarter worth approximately $230,000. Sanctuary Advisors LLC purchased a new stake in Beacon Roofing Supply during the second quarter valued at approximately $276,000. SG Americas Securities LLC boosted its stake in Beacon Roofing Supply by 167.9% in the third quarter. SG Americas Securities LLC now owns 4,228 shares of the company’s stock valued at $365,000 after acquiring an additional 2,650 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Beacon Roofing Supply by 154.0% in the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after acquiring an additional 445 shares in the last quarter. 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.