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

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the ten brokerages that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $115.22.

BECN has been the subject of a number of research analyst reports. Stephens reduced their price objective on Beacon Roofing Supply from $107.00 to $95.00 and set an "equal weight" rating for the company in a report on Monday, August 5th. Benchmark reaffirmed a "buy" rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a report on Friday, November 1st. Royal Bank of Canada increased their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Robert W. Baird boosted their target price 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. Finally, JPMorgan Chase & Co. raised their price target on shares of Beacon Roofing Supply from $110.00 to $119.00 and gave the stock an "overweight" rating in a research report on Thursday, November 7th.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ BECN traded down $0.83 during mid-day trading on Wednesday, reaching $103.02. 195,337 shares of the company were exchanged, compared to its average volume of 711,446. The stock has a market capitalization of $6.38 billion, a P/E ratio of 17.87 and a beta of 1.54. 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 company's 50-day simple moving average is $90.53 and its 200-day simple moving average is $92.37. Beacon Roofing Supply has a twelve month low of $77.33 and a twelve month high of $105.84.

Insiders Place Their Bets

In other news, insider Jason L. Taylor sold 2,600 shares of the business'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 value of $234,000.00. Following the completion of the transaction, the insider now directly owns 9,131 shares in the company, valued at approximately $821,790. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction on Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the transaction, the insider now owns 9,131 shares in the company, valued at approximately $821,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Clement Munroe Best III sold 7,037 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $103.14, for a total value of $725,796.18. Following the transaction, the insider now directly owns 69,449 shares of the company's stock, valued at $7,162,969.86. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock worth $1,526,146 over the last ninety days. Corporate insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC grew its stake in shares of Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company's stock worth $556,253,000 after buying an additional 963,633 shares during the last quarter. Vanguard Group Inc. grew its position in Beacon Roofing Supply by 14.1% during the 1st quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company's stock worth $689,814,000 after acquiring an additional 872,216 shares during the last quarter. Boston Partners increased its holdings in Beacon Roofing Supply by 79.6% in the 1st quarter. Boston Partners now owns 1,285,239 shares of the company's stock worth $126,082,000 after purchasing an additional 569,627 shares in the last quarter. Citigroup Inc. raised its position in Beacon Roofing Supply by 1,192.1% in the third 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 during the last quarter. Finally, Driehaus Capital Management LLC acquired a new stake in shares of Beacon Roofing Supply during the second quarter valued at about $39,606,000. 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.