Beacon Roofing Supply (NASDAQ:BECN) Hits New 12-Month High – Still a Buy?

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BECN. BMO Capital Markets boosted their price objective on Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a report on Thursday, January 16th. Royal Bank of Canada upped their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. StockNews.com cut shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Thursday, January 16th. Benchmark reissued a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Finally, Stephens reaffirmed an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $121.11.

Beacon Roofing Supply Trading Down 0.7 %

The firm’s 50-day simple moving average is $109.03 and its 200-day simple moving average is $97.98. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The firm has a market capitalization of $7.32 billion, a P/E ratio of 20.23 and a beta of 1.61.

Insider Activity

In related news, 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 transaction of $725,796.18. Following the completion of the sale, the insider now directly owns 69,449 shares in the company, valued at $7,162,969.86. This represents a 9.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $110.00, for a total transaction of $286,000.00. Following the completion of the transaction, the insider now owns 6,531 shares in the company, valued at $718,410. This represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,274 shares of company stock worth $1,578,146. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP grew its position in shares of Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after buying an additional 197 shares during the period. Blue Trust Inc. grew its holdings in Beacon Roofing Supply by 222.1% in the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 211 shares during the period. Harvest Fund Management Co. Ltd bought a new position in shares of Beacon Roofing Supply during the third quarter valued at approximately $28,000. GAMMA Investing LLC lifted its holdings in shares of Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after purchasing an additional 445 shares during the last quarter. Finally, Central Pacific Bank Trust Division boosted its position in shares of Beacon Roofing Supply by 66.7% in the 3rd 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 owned by hedge funds and other institutional investors.

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.