Beacon Roofing Supply, Inc. (NASDAQ:BECN) Receives Average Recommendation of “Hold” from Analysts

Beacon Roofing Supply, Inc. (NASDAQ:BECN) has earned a consensus recommendation of “Hold” from the twelve brokerages that are covering the stock, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $124.78.

Several equities research analysts have weighed in on BECN shares. Wall Street Zen started coverage on Beacon Roofing Supply in a report on Tuesday, May 20th. They set a “sell” rating on the stock. BMO Capital Markets reiterated a “market perform” rating and issued a $124.35 price objective (down previously from $130.00) on shares of Beacon Roofing Supply in a report on Thursday, April 17th. Benchmark reissued a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. Raymond James Financial cut Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 21st. Finally, Robert W. Baird upped their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, February 28th.

Beacon Roofing Supply Price Performance

BECN opened at $124.17 on Thursday. The stock’s 50-day moving average price is $124.14 and its 200 day moving average price is $118.07. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $124.31. 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 firm has a market cap of $7.67 billion, a price-to-earnings ratio of 21.23 and a beta of 1.31.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 29,724 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the completion of the sale, the insider now directly owns 87,943 shares of the company’s stock, valued at approximately $10,821,386.15. This trade represents a 25.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $122.14, for a total value of $1,036,602.18. Following the sale, the insider now directly owns 22,642 shares of the company’s stock, valued at $2,765,493.88. The trade was a 27.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,806 shares of company stock valued at $6,745,448. 1.30% of the stock is owned by company insiders.

Institutional Trading of Beacon Roofing Supply

Hedge funds have recently added to or reduced their stakes in the stock. Principal Securities Inc. lifted its holdings in shares of Beacon Roofing Supply by 16.5% in the 4th quarter. Principal Securities Inc. now owns 1,381 shares of the company’s stock valued at $140,000 after buying an additional 196 shares during the period. CIBC Asset Management Inc acquired a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at approximately $204,000. Truist Financial Corp lifted its holdings in shares of Beacon Roofing Supply by 15.4% in the 4th quarter. Truist Financial Corp now owns 3,590 shares of the company’s stock valued at $365,000 after buying an additional 480 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Beacon Roofing Supply by 14.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,910 shares of the company’s stock valued at $194,000 after buying an additional 245 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Beacon Roofing Supply by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company’s stock valued at $103,011,000 after buying an additional 20,372 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

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.