Beacon Roofing Supply, Inc. (NASDAQ:BECN) Given Consensus Rating of "Moderate Buy" by Brokerages

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) has been given an average recommendation of "Moderate Buy" by the ten brokerages that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $118.00.

BECN has been the topic of a number of research analyst reports. Benchmark reiterated a "buy" rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. JPMorgan Chase & Co. lifted their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an "overweight" rating 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 report on Wednesday, October 16th. Stephens reaffirmed an "equal weight" rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Finally, Royal Bank of Canada boosted their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st.

Beacon Roofing Supply Trading Down 1.4 %

BECN traded down $1.53 during trading on Friday, hitting $111.57. 494,907 shares of the company's stock were exchanged, compared to its average volume of 821,216. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $116.30. The firm has a market cap of $6.91 billion, a P/E ratio of 19.07 and a beta of 1.59. The stock has a 50 day moving average price of $99.83 and a 200 day moving average price of $94.14. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Insider Activity

In related news, insider Clement Munroe Best III sold 7,037 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the company's stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the completion of the transaction, the insider now owns 9,131 shares in the company, valued at approximately $821,790. This represents a 22.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,874 shares of company stock worth $1,812,146 over the last 90 days. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC raised its position in Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company's stock valued at $556,253,000 after acquiring an additional 963,633 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Beacon Roofing Supply by 1,449.0% during the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company's stock worth $53,205,000 after purchasing an additional 575,852 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Beacon Roofing Supply by 1,192.1% during the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company's stock valued at $44,398,000 after purchasing an additional 473,937 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of Beacon Roofing Supply in the 2nd quarter valued at $39,606,000. Finally, 140 Summer Partners LP bought a new stake in Beacon Roofing Supply in the third quarter worth $29,343,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

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.