Beacon Roofing Supply (NASDAQ:BECN) Receives “Buy” Rating from Stifel Nicolaus

Stifel Nicolaus reaffirmed their buy rating on shares of Beacon Roofing Supply (NASDAQ:BECN) in a research report released on Wednesday morning, MarketBeat Ratings reports. The firm currently has a $115.00 price objective on the stock.

Several other equities analysts also recently issued reports on BECN. Robert W. Baird increased their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Stephens reaffirmed an “equal weight” rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. JPMorgan Chase & Co. boosted their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Royal Bank of Canada raised their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Benchmark reiterated a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $117.56.

Beacon Roofing Supply Stock Performance

Shares of BECN stock opened at $103.68 on Wednesday. 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 $116.30. The business’s 50 day moving average is $104.73 and its two-hundred day moving average is $95.15. The company has a market capitalization of $6.42 billion, a P/E ratio of 17.72 and a beta of 1.61.

Insider Activity

In related news, insider Clement Munroe Best III sold 5,637 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total transaction of $566,349.39. Following the completion of the sale, the insider now directly owns 69,514 shares of the company’s stock, valued at approximately $6,984,071.58. This trade represents a 7.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the completion of the transaction, the insider now directly owns 6,531 shares in the company, valued at $718,410. The trade was a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,274 shares of company stock valued at $1,578,146 in the last 90 days. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Several institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC acquired a new position in Beacon Roofing Supply during the third quarter worth $1,441,000. Barclays PLC lifted its stake in Beacon Roofing Supply by 272.0% during the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock worth $10,547,000 after acquiring an additional 89,222 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Beacon Roofing Supply by 23.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company’s stock worth $3,668,000 after acquiring an additional 7,924 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Beacon Roofing Supply in the 3rd quarter valued at about $4,331,000. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Beacon Roofing Supply by 18.7% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock valued at $83,239,000 after purchasing an additional 152,030 shares in 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.