Beacon Roofing Supply (NASDAQ:BECN) Sets New 1-Year High – Here’s Why

Beacon Roofing Supply, Inc. (NASDAQ:BECN) reached a new 52-week high during trading on Thursday . The company traded as high as $121.42 and last traded at $120.98, with a volume of 328157 shares trading hands. The stock had previously closed at $118.97.

Analysts Set New Price Targets

A number of research firms have weighed in on BECN. Stifel Nicolaus increased their target price 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, January 17th. Stephens reiterated an “equal weight” rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a report on Wednesday. They issued a “sell” rating on the stock. Robert W. Baird boosted their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note 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 research note on Friday, November 1st. One equities research 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $121.11.

Beacon Roofing Supply Trading Up 1.3 %

The business has a 50 day moving average of $109.34 and a two-hundred day moving average of $98.37. The firm has a market capitalization of $7.46 billion, a price-to-earnings ratio of 20.61 and a beta of 1.62. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 7,037 shares of Beacon Roofing Supply stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $103.14, for a total transaction of $725,796.18. Following the completion of the transaction, the insider now owns 69,449 shares in the company, valued at approximately $7,162,969.86. The trade was a 9.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the 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 completion of the sale, the insider now directly owns 6,531 shares of the company’s stock, valued at approximately $718,410. This trade represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently modified their holdings of the business. SBI Securities Co. Ltd. purchased a new position in shares of Beacon Roofing Supply in the 4th quarter worth about $31,000. Blue Trust Inc. raised its position in Beacon Roofing Supply by 222.1% in the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after acquiring an additional 211 shares during the period. Quarry LP boosted its stake in Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after acquiring an additional 197 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Beacon Roofing Supply during the 3rd quarter valued at approximately $28,000. Finally, GAMMA Investing LLC increased its stake in shares of Beacon Roofing Supply by 154.0% during the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after purchasing an additional 445 shares during 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.