Beacon Roofing Supply (NASDAQ:BECN) Sees Large Volume Increase on Analyst Upgrade

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw unusually-strong trading volume on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $119.00 to $136.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Approximately 401,169 shares were traded during mid-day trading, a decline of 45% from the previous session’s volume of 722,854 shares.The stock last traded at $108.86 and had previously closed at $108.51.

Other analysts have also recently issued research reports about the stock. Stephens reiterated an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday. Royal Bank of Canada upped 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. Robert W. Baird upped their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Benchmark reissued a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.00.

Insider Activity

In related news, insider Jason L. Taylor sold 2,600 shares of the business’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 owns 9,131 shares in the company, valued at approximately $821,790. The trade was a 22.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $103.14, for a total value of $725,796.18. Following the completion of the transaction, the insider now directly owns 69,449 shares of the company’s stock, valued at $7,162,969.86. This represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock worth $1,526,146 over the last 90 days. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

Several institutional investors and hedge funds have recently made changes to their positions in BECN. Neo Ivy Capital Management acquired a new position in Beacon Roofing Supply in the third quarter worth $240,000. Barclays PLC raised its stake in shares of Beacon Roofing Supply by 272.0% in the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock worth $10,547,000 after buying an additional 89,222 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Beacon Roofing Supply during the 3rd quarter valued at about $599,000. MML Investors Services LLC bought a new stake in Beacon Roofing Supply during the third quarter worth approximately $268,000. Finally, Pier Capital LLC acquired a new stake in shares of Beacon Roofing Supply during the third quarter worth $7,629,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Trading Down 0.7 %

The company has a fifty day simple moving average of $91.58 and a 200-day simple moving average of $92.43. 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 stock has a market cap of $6.67 billion, a price-to-earnings ratio of 18.42 and a beta of 1.54.

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.