Beacon Roofing Supply (NASDAQ:BECN) Reaches New 12-Month High – What’s Next?

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) reached a new 52-week high during trading on Wednesday . The company traded as high as $121.22 and last traded at $120.06, with a volume of 794534 shares. The stock had previously closed at $108.85.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BECN shares. JPMorgan Chase & Co. lifted their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. BMO Capital Markets raised their target price on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research report on Thursday. Stephens reiterated an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. StockNews.com downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Thursday. Finally, Robert W. Baird upped 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. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $119.33.

Beacon Roofing Supply Price Performance

The business has a fifty day simple moving average of $106.40 and a 200-day simple moving average of $95.92. The stock has a market capitalization of $7.09 billion, a P/E ratio of 19.59 and a beta of 1.61. 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 Buying and Selling

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction on 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 sale, the insider now owns 6,531 shares in the company, valued at approximately $718,410. The trade was a 28.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Clement Munroe Best III sold 5,637 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total transaction of $566,349.39. Following the completion of the transaction, the insider now directly owns 69,514 shares in the company, valued at $6,984,071.58. This trade represents a 7.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,274 shares of company stock valued at $1,578,146 over the last ninety days. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Everence Capital Management Inc. purchased a new position in Beacon Roofing Supply during the 4th quarter worth $210,000. JPMorgan Chase & Co. lifted its position in shares of Beacon Roofing Supply by 16.3% during the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock valued at $30,849,000 after purchasing an additional 49,902 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Beacon Roofing Supply by 2.5% during the third quarter. Franklin Resources Inc. now owns 540,305 shares of the company’s stock worth $50,443,000 after purchasing an additional 13,092 shares during the last quarter. Tidal Investments LLC grew its position in Beacon Roofing Supply by 11.8% in the 3rd quarter. Tidal Investments LLC now owns 5,022 shares of the company’s stock worth $434,000 after purchasing an additional 530 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in Beacon Roofing Supply in the 3rd quarter valued at about $240,000. 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.