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 during trading on Thursday . The stock traded as high as $121.77 and last traded at $118.76, with a volume of 253 shares trading hands. The stock had previously closed at $118.40.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BECN. Stifel Nicolaus raised their target price on shares of Beacon Roofing Supply from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. StockNews.com downgraded shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Royal Bank of Canada boosted their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Finally, Robert W. Baird lifted their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $121.11.

Beacon Roofing Supply Price Performance

The firm has a market capitalization of $7.36 billion, a PE ratio of 20.32 and a beta of 1.61. The company has a 50-day moving average price of $108.71 and a 200-day moving average price 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.

Insiders Place Their Bets

In related news, insider Clement Munroe Best III sold 7,037 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $103.14, for a total value of $725,796.18. Following the transaction, the insider now owns 69,449 shares in the company, valued at approximately $7,162,969.86. The trade was a 9.20 % 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 Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the sale, the insider now owns 6,531 shares of the company’s stock, valued at approximately $718,410. This trade represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock valued at $1,578,146 in the last ninety days. 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 the business. Equitable Trust Co. raised its holdings in Beacon Roofing Supply by 1.7% in the fourth quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock valued at $734,000 after acquiring an additional 122 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Beacon Roofing Supply by 2.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 985,199 shares of the company’s stock valued at $100,076,000 after purchasing an additional 22,122 shares in the last quarter. Harvey Investment Co. LLC bought a new position in shares of Beacon Roofing Supply during the fourth quarter worth about $203,000. Meritage Portfolio Management grew its position in shares of Beacon Roofing Supply by 7.2% in the 4th quarter. Meritage Portfolio Management now owns 4,290 shares of the company’s stock worth $436,000 after acquiring an additional 288 shares in the last quarter. Finally, Choreo LLC boosted its holdings in Beacon Roofing Supply by 30.6% in the fourth quarter. Choreo LLC now owns 10,183 shares of the company’s stock worth $1,014,000 after purchasing an additional 2,383 shares during the period. 98.45% of the stock is currently 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.