Beacon Roofing Supply’s (BECN) Buy Rating Reiterated at Stifel Nicolaus

Stifel Nicolaus reissued their buy rating on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research report report published on Wednesday, MarketBeat Ratings reports. The firm currently has a $115.00 target price on the stock.

Several other equities analysts have also 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 report on Tuesday, November 19th. Royal Bank of Canada raised 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 report on Friday, November 1st. JPMorgan Chase & Co. raised their price objective on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Benchmark restated a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Finally, 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. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $117.56.

Beacon Roofing Supply Stock Performance

Shares of BECN opened at $102.10 on Wednesday. The firm has a 50-day moving average price of $105.13 and a 200 day moving average price of $95.26. The firm has a market capitalization of $6.32 billion, a PE ratio of 17.45 and a beta of 1.61. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $116.30.

Insider Transactions at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were 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 directly owns 6,531 shares of the company’s stock, valued at $718,410. This represents a 28.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was 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 directly owns 69,449 shares of the company’s stock, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,274 shares of company stock valued at $1,578,146 over the last three months. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of hedge funds have recently added to or reduced their stakes in the company. Everence Capital Management Inc. acquired a new position in Beacon Roofing Supply in the fourth quarter worth approximately $210,000. JPMorgan Chase & Co. increased its holdings in Beacon Roofing Supply by 16.3% in the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock worth $30,849,000 after buying an additional 49,902 shares during the last quarter. Franklin Resources Inc. increased its holdings in Beacon Roofing Supply by 2.5% in the third quarter. Franklin Resources Inc. now owns 540,305 shares of the company’s stock worth $50,443,000 after buying an additional 13,092 shares during the last quarter. Tidal Investments LLC increased its holdings in Beacon Roofing Supply by 11.8% in the third quarter. Tidal Investments LLC now owns 5,022 shares of the company’s stock worth $434,000 after buying an additional 530 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Beacon Roofing Supply in the third quarter worth approximately $240,000. Institutional investors and hedge funds 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.