Beacon Roofing Supply (NASDAQ:BECN) Downgraded to Hold Rating by Stifel Nicolaus

Stifel Nicolaus downgraded shares of Beacon Roofing Supply (NASDAQ:BECN) from a buy rating to a hold rating in a research report sent to investors on Friday, Marketbeat.com reports. They currently have $122.55 price target on the stock, down from their previous price target of $131.00.

Other equities analysts have also issued research reports about the company. Royal Bank of Canada raised their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. raised their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Benchmark reiterated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research report on Friday, November 1st. BMO Capital Markets increased their price target on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a report on Thursday, January 16th. Finally, Robert W. Baird lifted 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 note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply currently has an average rating of “Hold” and a consensus price target of $120.17.

Beacon Roofing Supply Trading Down 0.7 %

NASDAQ BECN opened at $119.70 on Friday. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $121.42. The company has a fifty day simple moving average of $109.63 and a two-hundred day simple moving average of $98.69. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock has a market cap of $7.41 billion, a P/E ratio of 20.46 and a beta of 1.62.

Insider Activity

In related news, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the transaction, the insider now owns 6,531 shares of the company’s stock, valued at approximately $718,410. This represents a 28.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

A number of institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC grew its stake in 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 acquiring an additional 963,633 shares during the period. Janus Henderson Group PLC grew its position in shares of Beacon Roofing Supply by 1,449.0% in the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after purchasing an additional 575,852 shares during the period. Citigroup Inc. increased its stake in shares of Beacon Roofing Supply by 1,192.1% during the third quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after purchasing an additional 473,937 shares in the last quarter. 140 Summer Partners LP acquired a new position in shares of Beacon Roofing Supply during the 3rd quarter worth about $29,343,000. Finally, Raymond James Financial Inc. purchased a new position in Beacon Roofing Supply in the 4th quarter valued at about $24,162,000. 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.