Beacon Roofing Supply (NASDAQ:BECN) Receives “Equal Weight” Rating from Stephens

Stephens restated their equal weight rating on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research note released on Tuesday morning,Benzinga reports. They currently have a $103.00 price target on the stock.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird increased their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. 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. Royal Bank of Canada lifted 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. Finally, JPMorgan Chase & Co. raised their price target on Beacon Roofing Supply from $110.00 to $119.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Beacon Roofing Supply has an average rating of “Moderate Buy” and an average target price of $118.00.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ BECN opened at $112.18 on Tuesday. The business’s 50-day simple moving average is $93.87 and its 200-day simple moving average is $92.83. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $116.30. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 19.19 and a beta of 1.54.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction on Friday, November 8th. The shares were 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 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 legal 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 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 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. Over the last ninety days, insiders sold 17,874 shares of company stock valued at $1,812,146. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BECN. FMR LLC raised 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 valued at $556,253,000 after purchasing an additional 963,633 shares during the period. Vanguard Group Inc. increased its stake in Beacon Roofing Supply by 14.1% in the 1st quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock valued at $689,814,000 after buying an additional 872,216 shares during the last quarter. Janus Henderson Group PLC lifted its position in Beacon Roofing Supply by 1,449.0% during the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after buying an additional 575,852 shares in the last quarter. Boston Partners boosted its stake in shares of Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after buying an additional 569,627 shares during the last quarter. Finally, Citigroup Inc. boosted its stake in shares of Beacon Roofing Supply by 1,192.1% during the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after buying an additional 473,937 shares during the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

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.