Beacon Roofing Supply (NASDAQ:BECN) Earns "Buy" Rating from Stifel Nicolaus

Stifel Nicolaus reissued their buy rating on shares of Beacon Roofing Supply (NASDAQ:BECN - Free Report) in a research note released on Wednesday morning, Marketbeat.com reports. Stifel Nicolaus currently has a $115.00 price objective on the stock.

BECN has been the subject of several other research reports. Stephens reiterated an "equal weight" rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. JPMorgan Chase & Co. upped their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 19th. Robert W. Baird raised their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Royal Bank of Canada upped their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Finally, Benchmark reissued a "buy" rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Beacon Roofing Supply has a consensus rating of "Moderate Buy" and a consensus price target of $117.56.

Beacon Roofing Supply Stock Up 1.6 %

BECN stock traded up $1.60 during trading on Wednesday, reaching $103.68. 451,878 shares of the company traded hands, compared to its average volume of 438,536. The business has a 50 day simple moving average of $104.73 and a 200 day simple moving average of $95.15. Beacon Roofing Supply has a 12 month low of $77.54 and a 12 month high of $116.30. 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 company has a market capitalization of $6.42 billion, a price-to-earnings ratio of 17.72 and a beta of 1.61.

Insider Buying and Selling

In other 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 sale, the insider now owns 6,531 shares in the company, valued at $718,410. This represents a 28.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clement Munroe Best III sold 5,637 shares of Beacon Roofing Supply stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total value of $566,349.39. Following the transaction, the insider now owns 69,514 shares of the company's stock, valued at approximately $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. In the last quarter, insiders have sold 15,274 shares of company stock worth $1,578,146. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company's stock worth $28,000 after buying an additional 211 shares in the last quarter. Quarry LP raised its position in shares of Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company's stock worth $26,000 after acquiring an additional 197 shares during the period. Harvest Fund Management Co. Ltd purchased a new stake in shares of Beacon Roofing Supply during the 3rd quarter worth about $28,000. GAMMA Investing LLC grew its position in shares of Beacon Roofing Supply by 154.0% during the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company's stock valued at $63,000 after acquiring an additional 445 shares during the period. Finally, Central Pacific Bank Trust Division increased its stake in shares of Beacon Roofing Supply by 66.7% in the 3rd quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company's stock valued at $108,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds 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.