Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) was downgraded by equities research analysts at Zelman & Associates from a "strong-buy" rating to a "hold" rating in a report released on Thursday,Zacks.com reports.
Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. raised their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an "overweight" rating in a research report on Tuesday, November 19th. Stifel Nicolaus increased their price target on shares of Beacon Roofing Supply from $115.00 to $131.00 and gave the company a "buy" rating in a research report on Friday. StockNews.com downgraded Beacon Roofing Supply from a "hold" rating to a "sell" rating in a research report on Thursday. Royal Bank of Canada raised their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Finally, Stephens restated an "equal weight" rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $121.11.
Read Our Latest Analysis on Beacon Roofing Supply
Beacon Roofing Supply Price Performance
Shares of BECN traded up $1.32 during trading hours on Thursday, reaching $115.92. The company had a trading volume of 1,159,010 shares, compared to its average volume of 456,673. 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 12-month low of $77.54 and a 12-month high of $121.22. The firm has a 50 day simple moving average of $106.65 and a 200-day simple moving average of $96.12. The company has a market capitalization of $7.17 billion, a price-to-earnings ratio of 19.82 and a beta of 1.61.
Insider Activity
In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the company's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $110.00, for a total value of $286,000.00. Following the transaction, the insider now directly owns 6,531 shares of the company's stock, valued at $718,410. This represents a 28.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The stock was 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 of the company's stock, valued at $7,162,969.86. The trade was a 9.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock worth $1,578,146 over the last 90 days. Company insiders own 1.30% of the company's stock.
Hedge Funds Weigh In On Beacon Roofing Supply
Several large investors have recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in shares of Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company's stock worth $556,253,000 after purchasing an additional 963,633 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Beacon Roofing Supply by 1,449.0% in the 3rd 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. lifted its position in Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company's stock valued at $44,398,000 after purchasing an additional 473,937 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in Beacon Roofing Supply during the 2nd quarter valued at about $39,606,000. Finally, 140 Summer Partners LP bought a new position in Beacon Roofing Supply in the 3rd quarter worth about $29,343,000. 98.45% of the stock is currently owned by institutional investors.
About Beacon Roofing Supply
(
Get Free Report)
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.
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