Benchmark Reaffirms Buy Rating for Beacon Roofing Supply (NASDAQ:BECN)

Benchmark reaffirmed their buy rating on shares of Beacon Roofing Supply (NASDAQ:BECN) in a report published on Friday morning, Benzinga reports. They currently have a $140.00 price target on the stock.

Other analysts have also issued research reports about the company. Royal Bank of Canada decreased their price target on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Stephens reduced their price objective on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Finally, Robert W. Baird boosted their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $115.00.

Beacon Roofing Supply Price Performance

Shares of NASDAQ:BECN opened at $93.46 on Friday. Beacon Roofing Supply has a 1-year low of $72.09 and a 1-year high of $105.42. The firm has a market capitalization of $5.78 billion, a PE ratio of 15.98 and a beta of 1.54. The business’s 50 day moving average is $89.02 and its 200-day moving average is $92.18. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75.

Insider Activity at Beacon Roofing Supply

In related news, CFO Prithvi Gandhi acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average price of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the acquisition, the chief financial officer now owns 5,000 shares of the company’s stock, valued at $411,450. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Prithvi Gandhi acquired 5,000 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the transaction, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at approximately $411,450. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the transaction, the insider now directly owns 9,131 shares of the company’s stock, valued at $821,790. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BECN. US Bancorp DE raised its stake in Beacon Roofing Supply by 2.3% in the third quarter. US Bancorp DE now owns 5,255 shares of the company’s stock valued at $454,000 after buying an additional 116 shares during the period. Vanguard Personalized Indexing Management LLC raised its stake in Beacon Roofing Supply by 2.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock valued at $501,000 after buying an additional 147 shares during the period. SummerHaven Investment Management LLC raised its stake in Beacon Roofing Supply by 1.8% in the second quarter. SummerHaven Investment Management LLC now owns 8,874 shares of the company’s stock valued at $803,000 after buying an additional 156 shares during the period. Equitable Trust Co. raised its stake in Beacon Roofing Supply by 2.2% in the third quarter. Equitable Trust Co. now owns 7,106 shares of the company’s stock valued at $614,000 after buying an additional 156 shares during the period. Finally, QRG Capital Management Inc. raised its stake in Beacon Roofing Supply by 1.5% in the first quarter. QRG Capital Management Inc. now owns 10,475 shares of the company’s stock valued at $1,027,000 after buying an additional 157 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

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.