Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives $117.88 Consensus PT from Analysts

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) have earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $117.56.

Several brokerages have recently weighed in on BECN. 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 report on Friday, November 1st. Stifel Nicolaus restated a “buy” rating and set a $115.00 price objective on shares of Beacon Roofing Supply in a research report on Wednesday. Stephens reiterated an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Benchmark restated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. upped their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 6,531 shares in the company, valued at $718,410. This represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,274 shares of company stock worth $1,578,146. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Everence Capital Management Inc. purchased a new position in shares of Beacon Roofing Supply during the 4th quarter valued at $210,000. JPMorgan Chase & Co. boosted its position in Beacon Roofing Supply by 16.3% during the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock valued at $30,849,000 after purchasing an additional 49,902 shares during the last quarter. Franklin Resources Inc. grew its stake in Beacon Roofing Supply by 2.5% in the third quarter. Franklin Resources Inc. now owns 540,305 shares of the company’s stock valued at $50,443,000 after purchasing an additional 13,092 shares in the last quarter. Tidal Investments LLC grew its stake in Beacon Roofing Supply by 11.8% in the third quarter. Tidal Investments LLC now owns 5,022 shares of the company’s stock valued at $434,000 after purchasing an additional 530 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Beacon Roofing Supply in the 3rd quarter worth about $240,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Price Performance

Shares of NASDAQ:BECN opened at $103.68 on Thursday. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of 17.72 and a beta of 1.61. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply has a 12 month low of $77.54 and a 12 month high of $116.30. The stock’s 50 day moving average price is $104.73 and its 200 day moving average price is $95.15.

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.