Beacon Roofing Supply (NASDAQ:BECN) Reaches New 1-Year High - Should You Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $121.22 and last traded at $120.06, with a volume of 794534 shares changing hands. The stock had previously closed at $108.85.

Analysts Set New Price Targets

Several analysts have recently commented on BECN shares. Royal Bank of Canada raised their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Robert W. Baird upped their target price 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. Stifel Nicolaus restated a "buy" rating and set a $115.00 price target on shares of Beacon Roofing Supply in a research note on Wednesday, January 8th. Stephens reiterated an "equal weight" rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Finally, Benchmark restated a "buy" rating and issued a $140.00 target price 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 seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $117.56.

Beacon Roofing Supply Trading Up 7.7 %

The stock's 50 day simple moving average is $105.82 and its two-hundred day simple moving average is $95.64. The stock has a market capitalization of $7.25 billion, a PE ratio of 20.03 and a beta of 1.61. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Insider Buying and Selling at Beacon Roofing Supply

In related news, insider Jason L. Taylor sold 2,600 shares of the business'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 directly owns 6,531 shares in the company, valued at approximately $718,410. The trade was a 28.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Clement Munroe Best III sold 7,037 shares of the company's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $103.14, for a total transaction of $725,796.18. Following the sale, the insider now directly owns 69,449 shares in the company, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,274 shares of company stock valued at $1,578,146. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Beacon Roofing Supply

Several large investors have recently modified their holdings of the business. US Bancorp DE boosted its holdings in Beacon Roofing Supply by 2.3% in the 3rd quarter. US Bancorp DE now owns 5,255 shares of the company's stock worth $454,000 after buying an additional 116 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Beacon Roofing Supply by 2.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company's stock worth $501,000 after acquiring an additional 147 shares during the period. Equitable Trust Co. grew its position in shares of Beacon Roofing Supply by 2.2% in the third quarter. Equitable Trust Co. now owns 7,106 shares of the company's stock valued at $614,000 after purchasing an additional 156 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Beacon Roofing Supply by 7.3% during the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company's stock valued at $234,000 after purchasing an additional 181 shares during the period. Finally, Quarry LP raised its stake in shares of Beacon Roofing Supply by 180.7% during the 3rd quarter. Quarry LP now owns 306 shares of the company's stock valued at $26,000 after purchasing an additional 197 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.