BMO Capital Markets Forecasts Strong Price Appreciation for Beacon Roofing Supply (NASDAQ:BECN) Stock

Beacon Roofing Supply (NASDAQ:BECN) had its price objective increased by BMO Capital Markets from $125.00 to $136.00 in a research note published on Thursday morning,Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

Several other equities research analysts have also commented on BECN. Royal Bank of Canada increased their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. 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. JPMorgan Chase & Co. upped their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Robert W. Baird raised their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $115.00 price target on shares of Beacon Roofing Supply in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.33.

Beacon Roofing Supply Stock Performance

NASDAQ BECN opened at $114.60 on Thursday. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The company has a fifty day moving average price of $106.40 and a 200-day moving average price of $95.92. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $121.22. The firm has a market cap of $7.09 billion, a price-to-earnings ratio of 19.59 and a beta of 1.61.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply 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 completion of the transaction, the insider now directly owns 6,531 shares in the company, valued at approximately $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of the 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 directly owns 69,449 shares in the company, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their position. 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 three months. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Intech Investment Management LLC bought a new position in shares of Beacon Roofing Supply in the third quarter valued at approximately $1,441,000. Barclays PLC boosted its holdings in Beacon Roofing Supply by 272.0% in the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock valued at $10,547,000 after purchasing an additional 89,222 shares during the period. BNP Paribas Financial Markets grew its position in shares of Beacon Roofing Supply by 23.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company’s stock valued at $3,668,000 after purchasing an additional 7,924 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Beacon Roofing Supply by 16.3% in the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock worth $30,849,000 after purchasing an additional 49,902 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Beacon Roofing Supply in the third quarter worth $4,331,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.