Beacon Roofing Supply (NASDAQ:BECN) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Beacon Roofing Supply (NASDAQ:BECN) had its target price lifted by stock analysts at Stifel Nicolaus from $115.00 to $131.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 12.64% from the stock’s previous close.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. increased their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com downgraded shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research note on Thursday. Royal Bank of Canada increased their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark restated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Finally, BMO Capital Markets upped their target price on Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $121.11.

Beacon Roofing Supply Stock Up 1.5 %

Shares of BECN traded up $1.70 during trading hours on Friday, hitting $116.30. The company had a trading volume of 375,364 shares, compared to its average volume of 1,142,023. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The company has a market capitalization of $7.20 billion, a PE ratio of 19.85 and a beta of 1.61. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $121.22. The company’s fifty day moving average price is $106.40 and its two-hundred day moving average price is $95.92.

Insiders Place Their Bets

In other news, insider Clement Munroe Best III sold 7,037 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $103.14, for a total value of $725,796.18. Following the sale, the insider now owns 69,449 shares in the company, valued at $7,162,969.86. This represents a 9.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction that occurred on Monday, November 18th. The shares were 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 of the company’s stock, valued at approximately $718,410. This represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,274 shares of company stock valued at $1,578,146. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP lifted its stake in shares of Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Blue Trust Inc. increased its holdings in Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after acquiring an additional 211 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of Beacon Roofing Supply during the 3rd quarter worth about $28,000. GAMMA Investing LLC raised its holdings in shares of Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after acquiring an additional 445 shares during the last quarter. Finally, Central Pacific Bank Trust Division raised its stake in Beacon Roofing Supply by 66.7% in the 3rd quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock valued at $108,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds 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.