JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Beacon Roofing Supply (NASDAQ:BECN) Stock

Beacon Roofing Supply (NASDAQ:BECN - Free Report) had its price target lifted by JPMorgan Chase & Co. from $119.00 to $136.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts also recently issued reports about the company. Robert W. Baird increased their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Royal Bank of Canada lifted their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Benchmark restated a "buy" rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Finally, Stephens reaffirmed an "equal weight" rating and set a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $118.00.

Beacon Roofing Supply Stock Up 0.7 %

Shares of NASDAQ:BECN traded up $0.73 during trading on Tuesday, reaching $109.24. 1,875,996 shares of the stock traded hands, compared to its average volume of 730,139. The stock has a market cap of $6.76 billion, a P/E ratio of 18.67 and a beta of 1.54. 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 stock has a 50-day moving average of $92.73 and a two-hundred day moving average of $92.60. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $116.30.

Insider Transactions at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the transaction, the insider now directly owns 9,131 shares of the company's stock, valued at $821,790. The trade was a 22.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Clement Munroe Best III sold 5,637 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total transaction of $566,349.39. Following the completion of the sale, the insider now directly owns 69,514 shares of the company's stock, valued at $6,984,071.58. This represents a 7.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock worth $1,526,146 in the last 90 days. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BECN. Neo Ivy Capital Management purchased a new stake in Beacon Roofing Supply in the 3rd quarter worth $240,000. Barclays PLC grew its position in shares of Beacon Roofing Supply by 272.0% during the third quarter. Barclays PLC now owns 122,024 shares of the company's stock worth $10,547,000 after purchasing an additional 89,222 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Beacon Roofing Supply during the third quarter worth about $599,000. MML Investors Services LLC bought a new stake in Beacon Roofing Supply during the 3rd quarter valued at approximately $268,000. Finally, Pier Capital LLC purchased a new position in Beacon Roofing Supply in the 3rd quarter worth approximately $7,629,000. Hedge funds and other institutional investors 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.