Beacon Roofing Supply (NASDAQ:BECN) Hits New 1-Year High - What's Next?

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) shares reached a new 52-week high on Thursday . The company traded as high as $121.77 and last traded at $118.76, with a volume of 253 shares trading hands. The stock had previously closed at $118.40.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BECN shares. JPMorgan Chase & Co. upped their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. Robert W. Baird upped their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. StockNews.com downgraded Beacon Roofing Supply from a "hold" rating to a "sell" rating in a research note on Thursday, January 16th. Royal Bank of Canada upped their price target 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. Finally, BMO Capital Markets lifted their price objective on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the company an "outperform" rating in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of "Moderate Buy" and a consensus price target of $121.11.

Beacon Roofing Supply Trading Down 0.7 %

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 stock's 50 day moving average is $109.03 and its 200-day moving average is $97.94. The company has a market cap of $7.27 billion, a PE ratio of 20.10 and a beta of 1.61.

Insider Activity at Beacon Roofing Supply

In related 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 $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 Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the business's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the transaction, the insider now owns 6,531 shares in the company, valued at $718,410. This trade represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,274 shares of company stock valued at $1,578,146. Insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC lifted its holdings in 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 buying an additional 963,633 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Beacon Roofing Supply by 1,449.0% during the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company's stock worth $53,205,000 after acquiring an additional 575,852 shares during the period. Citigroup Inc. raised its stake in shares of Beacon Roofing Supply by 1,192.1% during the third quarter. Citigroup Inc. now owns 513,692 shares of the company's stock valued at $44,398,000 after acquiring an additional 473,937 shares in the last quarter. 140 Summer Partners LP purchased a new stake in shares of Beacon Roofing Supply in the third quarter valued at approximately $29,343,000. Finally, Vaughan Nelson Investment Management L.P. grew its stake in Beacon Roofing Supply by 18.7% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company's stock worth $83,239,000 after purchasing an additional 152,030 shares in the last quarter. 98.45% of the stock is owned by institutional investors.

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.