Beacon Roofing Supply (NASDAQ:BECN) Reaches New 52-Week High – Should You Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares reached a new 52-week high during trading on Thursday . The company traded as high as $121.42 and last traded at $120.98, with a volume of 328157 shares changing hands. The stock had previously closed at $118.97.

Wall Street Analyst Weigh In

BECN has been the subject of several recent analyst reports. Stifel Nicolaus cut Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their target price for the stock from $131.00 to $122.55 in a research note on Friday. JPMorgan Chase & Co. upped their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada lifted their price target 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. BMO Capital Markets boosted their price target on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research report on Thursday, January 16th. Finally, Robert W. Baird raised their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Beacon Roofing Supply presently has a consensus rating of “Hold” and an average target price of $120.17.

Beacon Roofing Supply Stock Down 0.7 %

The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The firm’s 50 day moving average price is $109.50 and its two-hundred day moving average price is $98.53. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of 20.46 and a beta of 1.62.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction 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 transaction, the insider now owns 6,531 shares in the company, valued at approximately $718,410. This represents a 28.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BECN. Intech Investment Management LLC purchased a new stake in Beacon Roofing Supply in the 3rd quarter valued at approximately $1,441,000. Barclays PLC lifted its holdings 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 valued at $10,547,000 after buying an additional 89,222 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Beacon Roofing Supply by 16.3% in the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock valued at $30,849,000 after buying an additional 49,902 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Beacon Roofing Supply by 23.0% during the third quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company’s stock worth $3,668,000 after acquiring an additional 7,924 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Beacon Roofing Supply in the third quarter worth $4,331,000. 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.