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

StockNews.com began coverage on shares of Beacon Roofing Supply (NASDAQ:BECN - Free Report) in a research report report published on Thursday. The brokerage issued a sell rating on the stock.

BECN has been the subject of several other reports. 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. JPMorgan Chase & Co. increased their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 19th. Benchmark reissued a "buy" rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Zelman & Associates downgraded Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 16th. Finally, 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 note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $120.17.

Beacon Roofing Supply Trading Up 0.1 %

Shares of NASDAQ BECN traded up $0.08 during mid-day trading on Thursday, hitting $119.30. 474,849 shares of the company traded hands, compared to its average volume of 1,253,404. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $121.42. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 20.39 and a beta of 1.62. 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 business has a 50 day moving average of $110.27 and a two-hundred day moving average of $99.34.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the company's stock in a transaction dated 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 $718,410. This represents a 28.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. US Bancorp DE increased its holdings in shares of Beacon Roofing Supply by 2.3% during the 3rd quarter. US Bancorp DE now owns 5,255 shares of the company's stock valued at $454,000 after acquiring an additional 116 shares during the last quarter. Equitable Trust Co. increased its holdings in shares of Beacon Roofing Supply by 1.7% during the 4th quarter. Equitable Trust Co. now owns 7,228 shares of the company's stock valued at $734,000 after acquiring an additional 122 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company's stock valued at $73,000 after acquiring an additional 150 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company's stock valued at $60,000 after acquiring an additional 163 shares during the last quarter. Finally, Cornerstone Investment Partners LLC increased its holdings in shares of Beacon Roofing Supply by 3.6% during the 4th quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company's stock valued at $480,000 after acquiring an additional 166 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company's stock.

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.