JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Beacon Roofing Supply (NASDAQ:BECN) Stock

Beacon Roofing Supply (NASDAQ:BECN) had its price objective increased by JPMorgan Chase & Co. from $110.00 to $119.00 in a research report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also issued reports on BECN. Stephens lowered their target price on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Royal Bank of Canada lifted their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Robert W. Baird lifted their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Benchmark reaffirmed a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $115.22.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $103.25 on Thursday. The firm’s 50-day simple moving average is $89.89 and its 200 day simple moving average is $92.32. The stock has a market cap of $6.39 billion, a P/E ratio of 17.65 and a beta of 1.54. Beacon Roofing Supply has a fifty-two week low of $72.56 and a fifty-two week high of $105.42. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60.

Insider Buying and Selling

In related news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the transaction, the insider now owns 9,131 shares of the company’s stock, valued at approximately $821,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the transaction, the insider now owns 9,131 shares of the company’s stock, valued at approximately $821,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Clement Munroe Best III sold 7,037 shares of Beacon Roofing Supply stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $103.14, for a total value of $725,796.18. Following the transaction, the insider now directly owns 69,449 shares in the company, valued at approximately $7,162,969.86. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,274 shares of company stock valued at $1,526,146. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several institutional investors and hedge funds have recently bought and sold shares of BECN. Allspring Global Investments Holdings LLC purchased a new position in Beacon Roofing Supply during the 1st quarter valued at about $26,000. Daiwa Securities Group Inc. purchased a new position in Beacon Roofing Supply during the 1st quarter valued at about $118,000. SG Americas Securities LLC grew its stake in Beacon Roofing Supply by 128.3% during the 1st quarter. SG Americas Securities LLC now owns 13,155 shares of the company’s stock valued at $1,289,000 after acquiring an additional 7,394 shares in the last quarter. Swiss National Bank grew its stake in Beacon Roofing Supply by 12.4% during the 1st quarter. Swiss National Bank now owns 118,800 shares of the company’s stock valued at $11,645,000 after acquiring an additional 13,100 shares in the last quarter. Finally, Sei Investments Co. grew its stake in Beacon Roofing Supply by 3.1% during the 1st quarter. Sei Investments Co. now owns 296,700 shares of the company’s stock valued at $29,082,000 after acquiring an additional 8,878 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.