Beacon Roofing Supply (NASDAQ:BECN) Sets New 12-Month High – Time to Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $121.77 and last traded at $118.76, with a volume of 253 shares traded. The stock had previously closed at $118.40.

Wall Street Analyst Weigh In

Several research firms have commented on BECN. StockNews.com downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Robert W. Baird lifted their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Stephens reiterated an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. BMO Capital Markets lifted their price objective on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. Finally, JPMorgan Chase & Co. increased their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply has an average rating of “Moderate Buy” and an average target price of $121.11.

Beacon Roofing Supply Stock Performance

The company has a market capitalization of $7.36 billion, a price-to-earnings ratio of 20.32 and a beta of 1.61. The firm has a fifty day simple moving average of $108.71 and a 200 day simple moving average of $97.68. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Insider Activity at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction that occurred 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 sale, the insider now directly owns 6,531 shares of the company’s stock, valued at $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,274 shares of company stock valued at $1,578,146. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several large investors have recently made changes to their positions in the stock. Quarry LP raised its position in Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Blue Trust Inc. raised its holdings in shares of Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after buying an additional 211 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in Beacon Roofing Supply in the 3rd quarter valued at about $28,000. GAMMA Investing LLC increased its stake in Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after purchasing an additional 445 shares during the period. Finally, Central Pacific Bank Trust Division lifted its position in shares of Beacon Roofing Supply by 66.7% during the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock worth $108,000 after purchasing an additional 500 shares in the last quarter. 98.45% of the stock is currently 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.