Beacon Roofing Supply's (BECN) Equal Weight Rating Reaffirmed at Stephens

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report)'s stock had its "equal weight" rating reissued by Stephens in a report issued on Tuesday,Benzinga reports. They currently have a $103.00 target price on the stock. Stephens' target price suggests a potential downside of 5.71% from the company's current price.

Several other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Beacon Roofing Supply from $110.00 to $119.00 and gave the stock an "overweight" rating in a research note on Thursday, November 7th. Royal Bank of Canada upped their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Benchmark reaffirmed a "buy" rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a report on Friday, November 1st. Finally, Robert W. Baird upped their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Beacon Roofing Supply has an average rating of "Moderate Buy" and an average target price of $118.00.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock traded up $0.73 on Tuesday, reaching $109.24. 1,875,996 shares of the stock were exchanged, compared to its average volume of 730,139. The firm has a fifty day moving average price of $92.73 and a two-hundred day moving average price of $92.60. The stock has a market cap of $6.76 billion, a PE ratio of 18.67 and a beta of 1.54. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a twelve month low of $77.54 and a twelve month high of $116.30.

Insiders Place Their Bets

In other news, insider Clement Munroe Best III sold 5,637 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the completion of the sale, the insider now directly owns 69,514 shares in the company, valued at approximately $6,984,071.58. This trade represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jason L. Taylor sold 2,600 shares of the company's 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 owns 9,131 shares in the company, valued at approximately $821,790. This trade represents a 22.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,274 shares of company stock worth $1,526,146 over the last three months. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Beacon Roofing Supply by 14.1% in the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company's stock valued at $689,814,000 after acquiring an additional 872,216 shares during the last quarter. FMR LLC raised its position in shares of Beacon Roofing Supply by 17.6% during the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company's stock valued at $556,253,000 after acquiring an additional 963,633 shares during the last quarter. State Street Corp raised its position in shares of Beacon Roofing Supply by 1.1% during the 3rd quarter. State Street Corp now owns 1,471,500 shares of the company's stock valued at $127,182,000 after acquiring an additional 15,505 shares during the last quarter. Boston Partners raised its position in shares of Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company's stock valued at $126,082,000 after acquiring an additional 569,627 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in shares of Beacon Roofing Supply by 0.3% during the 3rd quarter. Fisher Asset Management LLC now owns 993,715 shares of the company's stock valued at $85,887,000 after acquiring an additional 2,607 shares during the last quarter. 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.