Beacon Roofing Supply (NASDAQ:BECN) Sets New 1-Year High – Still a Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $121.22 and last traded at $120.06, with a volume of 794534 shares changing hands. The stock had previously closed at $108.85.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BECN shares. Benchmark restated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Royal Bank of Canada boosted their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Stephens restated an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Robert W. Baird boosted their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $117.56.

Beacon Roofing Supply Stock Up 9.2 %

The business’s 50-day moving average price is $105.82 and its 200-day moving average price is $95.64. 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 firm has a market capitalization of $7.35 billion, a PE ratio of 20.31 and a beta of 1.61.

Insider Buying and Selling

In other news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred 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 directly owns 6,531 shares of the company’s stock, valued at approximately $718,410. This represents a 28.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $103.14, for a total value 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 represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,274 shares of company stock worth $1,578,146. Insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 211 shares during the period. Quarry LP increased its position in shares of Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after buying an additional 197 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Beacon Roofing Supply in the third quarter valued at about $28,000. GAMMA Investing LLC increased its stake in Beacon Roofing Supply by 154.0% during the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after purchasing an additional 445 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in Beacon Roofing Supply by 66.7% in the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock valued at $108,000 after buying an additional 500 shares in the last quarter. 98.45% of the stock is owned by institutional investors.

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.