BMO Capital Markets Boosts Beacon Roofing Supply (NASDAQ:BECN) Price Target to $136.00

Beacon Roofing Supply (NASDAQ:BECN) had its price target raised by equities research analysts at BMO Capital Markets from $125.00 to $136.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. BMO Capital Markets’ price target would indicate a potential upside of 17.32% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Stephens reaffirmed an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Robert W. Baird upped 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. Stifel Nicolaus reaffirmed a “buy” rating and issued a $115.00 price objective on shares of Beacon Roofing Supply in a research report on Wednesday, January 8th. Benchmark reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Beacon Roofing Supply presently has a consensus rating of “Moderate Buy” and an average price target of $121.11.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock opened at $115.92 on Thursday. The company has a market capitalization of $7.17 billion, a P/E ratio of 19.82 and a beta of 1.61. Beacon Roofing Supply has a twelve month low of $77.54 and a twelve month high of $121.22. 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’s 50 day moving average is $106.65 and its 200 day moving average is $96.12.

Insider Activity

In other news, insider Clement Munroe Best III sold 5,637 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the completion of the sale, the insider now directly owns 69,514 shares in the company, valued at $6,984,071.58. This represents a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jason L. Taylor sold 2,600 shares of the company’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 completion of the sale, the insider now owns 6,531 shares of the company’s stock, valued at $718,410. This trade represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock valued at $1,578,146 in the last ninety days. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of institutional investors have recently bought and sold shares of BECN. Quarry LP increased its stake in Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after buying an additional 197 shares in the last quarter. Blue Trust Inc. increased its stake in Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after buying an additional 211 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Beacon Roofing Supply in the 3rd quarter worth $28,000. GAMMA Investing LLC increased its stake in Beacon Roofing Supply by 154.0% in the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after buying an additional 445 shares in the last quarter. Finally, Central Pacific Bank Trust Division increased its stake 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 buying an additional 500 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.