Beacon Roofing Supply (NASDAQ:BECN) Price Target Raised to $136.00

Beacon Roofing Supply (NASDAQ:BECN) had its price target raised by JPMorgan Chase & Co. from $119.00 to $136.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently weighed in on the stock. Stephens restated an “equal weight” rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday. Royal Bank of Canada lifted their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Benchmark restated 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 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. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of “Moderate Buy” and an average price target of $118.00.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $109.30 on Tuesday. Beacon Roofing Supply has a fifty-two week low of $77.54 and a fifty-two week high of $116.30. The firm’s 50-day simple moving average is $93.31 and its 200 day simple moving average is $92.71. 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 stock has a market cap of $6.76 billion, a P/E ratio of 18.68 and a beta of 1.54.

Insiders Place Their Bets

In related news, insider Clement Munroe Best III sold 5,637 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the transaction, the insider now owns 69,514 shares of the company’s stock, valued at approximately $6,984,071.58. This trade represents a 7.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the transaction, the insider now directly owns 9,131 shares in the company, valued at $821,790. This represents a 22.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,874 shares of company stock worth $1,812,146. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Institutional investors have recently bought and sold shares of the stock. Boston Partners grew its stake in Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after acquiring an additional 569,627 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Beacon Roofing Supply by 18.7% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock valued at $83,239,000 after acquiring an additional 152,030 shares in the last quarter. Blair William & Co. IL purchased a new position in Beacon Roofing Supply during the 1st quarter valued at about $644,000. Bayesian Capital Management LP purchased a new position in Beacon Roofing Supply during the 1st quarter valued at about $572,000. Finally, Comerica Bank grew its stake in Beacon Roofing Supply by 109.5% during the 1st quarter. Comerica Bank now owns 89,967 shares of the company’s stock valued at $8,818,000 after acquiring an additional 47,028 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.