Analysts Set Beacon Roofing Supply, Inc. (NASDAQ:BECN) Price Target at $118.00

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

A number of analysts have recently issued reports on BECN shares. Stephens reaffirmed an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Robert W. Baird raised their price objective on shares of 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 reiterated a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a report on Friday, November 1st. JPMorgan Chase & Co. increased their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada upped their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st.

Beacon Roofing Supply Trading Down 0.9 %

NASDAQ:BECN opened at $108.85 on Friday. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $116.30. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The firm has a market capitalization of $6.74 billion, a P/E ratio of 18.61 and a beta of 1.59. The company’s 50-day simple moving average is $100.78 and its 200 day simple moving average is $94.33.

Insider Transactions at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were 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 in the company, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction on Monday, November 18th. The stock was 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 ninety days, insiders sold 17,874 shares of company stock worth $1,812,146. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of Beacon Roofing Supply

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. grew its position in Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 211 shares during the period. Quarry LP grew its stake in Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after purchasing an additional 197 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at about $28,000. GAMMA Investing LLC boosted its position in Beacon Roofing Supply by 154.0% during the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after purchasing an additional 445 shares during the period. Finally, Central Pacific Bank Trust Division grew its position in Beacon Roofing Supply by 66.7% in the 3rd quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock worth $108,000 after purchasing an additional 500 shares during the last quarter. 98.45% of the stock is 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.