Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) have received a consensus rating of “Moderate Buy” from the ten analysts that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $121.11.

Several equities research analysts have recently issued reports on the company. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Stephens reissued an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. StockNews.com lowered Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. 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 note on Friday, November 1st. Finally, Robert W. Baird raised their price target 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.

Insider Activity

In other news, insider Clement Munroe Best III sold 5,637 shares of Beacon Roofing Supply 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 transaction, the insider now directly owns 69,514 shares in the company, valued at approximately $6,984,071.58. This trade represents a 7.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 stock was sold at an average price of $110.00, for a total value of $286,000.00. Following the transaction, the insider now owns 6,531 shares in the company, 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. In the last three months, insiders have sold 15,274 shares of company stock worth $1,578,146. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its position in Beacon Roofing Supply by 222.1% during the 3rd 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 lifted its position in Beacon Roofing Supply by 180.7% during the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in Beacon Roofing Supply during the 3rd quarter worth about $28,000. GAMMA Investing LLC lifted its position in 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 acquiring an additional 445 shares during the period. Finally, Central Pacific Bank Trust Division lifted its position in Beacon Roofing Supply by 66.7% during the 3rd quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock worth $108,000 after acquiring an additional 500 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Price Performance

NASDAQ:BECN opened at $118.34 on Monday. The firm has a market capitalization of $7.32 billion, a price-to-earnings ratio of 20.23 and a beta of 1.61. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $121.22. The business has a 50 day simple moving average of $109.03 and a 200-day simple moving average of $97.94. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

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.