Beacon Roofing Supply (NASDAQ:BECN) Sets New 1-Year High – Still a Buy?

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $121.22 and last traded at $120.06, with a volume of 794534 shares trading hands. The stock had previously closed at $108.85.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $115.00 price target on shares of Beacon Roofing Supply in a report on Wednesday, January 8th. Royal Bank of Canada boosted their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. upped their price objective on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Robert W. Baird boosted their target price on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, Stephens reissued an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $117.56.

Beacon Roofing Supply Stock Performance

The firm’s 50 day moving average is $105.82 and its 200-day moving average is $95.64. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The company has a market cap of $7.35 billion, a PE ratio of 20.31 and a beta of 1.61.

Insider Activity

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 5,637 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total transaction of $566,349.39. Following the sale, the insider now directly owns 69,514 shares in the company, valued at $6,984,071.58. This represents a 7.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the completion of the sale, the insider now directly owns 6,531 shares in the company, valued at approximately $718,410. This represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,274 shares of company stock valued at $1,578,146 in the last 90 days. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of large investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Beacon Roofing Supply in the 2nd quarter valued at $5,075,000. Vanguard Personalized Indexing Management LLC raised its position in Beacon Roofing Supply by 2.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock worth $501,000 after acquiring an additional 147 shares during the last quarter. Blair William & Co. IL grew its holdings in shares of Beacon Roofing Supply by 197.2% during the second quarter. Blair William & Co. IL now owns 19,544 shares of the company’s stock worth $1,769,000 after buying an additional 12,969 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Beacon Roofing Supply by 3.2% during the second quarter. Canada Pension Plan Investment Board now owns 100,800 shares of the company’s stock worth $9,122,000 after buying an additional 3,100 shares in the last quarter. Finally, Bank of Montreal Can grew its holdings in shares of Beacon Roofing Supply by 50.2% during the second quarter. Bank of Montreal Can now owns 9,928 shares of the company’s stock worth $926,000 after buying an additional 3,320 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.