StockNews.com Begins Coverage on Beacon Roofing Supply (NASDAQ:BECN)

StockNews.com initiated coverage on shares of Beacon Roofing Supply (NASDAQ:BECN - Free Report) in a research note published on Wednesday morning. The firm issued a sell rating on the stock.

Several other research firms have also recently issued reports on BECN. Benchmark reissued a "buy" rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Stifel Nicolaus boosted their price objective on shares of Beacon Roofing Supply from $115.00 to $131.00 and gave the company a "buy" rating in a research report on Friday, January 17th. Zelman & Associates cut shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 16th. Stephens reiterated an "equal weight" rating and set a $103.00 price target on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Finally, Robert W. Baird upped their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Beacon Roofing Supply presently has a consensus rating of "Hold" and a consensus price target of $120.17.

Beacon Roofing Supply Trading Down 0.7 %

Shares of NASDAQ BECN traded down $0.80 during trading hours on Wednesday, hitting $119.70. The company's stock had a trading volume of 936,187 shares, compared to its average volume of 1,253,404. Beacon Roofing Supply has a 12 month low of $77.54 and a 12 month high of $121.42. The stock has a market cap of $7.41 billion, a price-to-earnings ratio of 20.46 and a beta of 1.62. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The business has a 50-day simple moving average of $109.63 and a 200-day simple moving average of $98.69.

Insider Activity at Beacon Roofing Supply

In related news, insider Jason L. Taylor sold 2,600 shares of the company's 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 transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Quarry LP boosted its position in shares of Beacon Roofing Supply by 180.7% during the third quarter. Quarry LP now owns 306 shares of the company's stock valued at $26,000 after buying an additional 197 shares during the last quarter. Blue Trust Inc. raised its position in Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company's stock worth $28,000 after buying an additional 211 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in Beacon Roofing Supply during the 3rd quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of Beacon Roofing Supply during the 4th quarter valued at about $31,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of Beacon Roofing Supply by 38.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company's stock worth $60,000 after acquiring an additional 163 shares during the period. Hedge funds and other institutional investors own 98.45% of the company's stock.

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.