Beacon Roofing Supply (NASDAQ:BECN) Hits New 52-Week High – Time to Buy?

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

Wall Street Analyst Weigh In

Several brokerages recently commented on BECN. BMO Capital Markets increased their target price on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a report on Thursday. Robert W. Baird boosted their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada increased their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. JPMorgan Chase & Co. boosted their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Finally, Stephens reissued an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $119.33.

Beacon Roofing Supply Stock Performance

The company has a fifty day moving average of $106.40 and a two-hundred day moving average of $95.92. The firm has a market capitalization of $7.09 billion, a price-to-earnings ratio of 19.59 and a beta of 1.61. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the sale, the insider now owns 6,531 shares in the company, valued at $718,410. The trade was a 28.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $103.14, for a total transaction 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,274 shares of company stock valued at $1,578,146. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BECN. Intech Investment Management LLC acquired a new stake in shares of Beacon Roofing Supply during the 3rd quarter worth $1,441,000. Barclays PLC boosted its position in shares of Beacon Roofing Supply by 272.0% during the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock worth $10,547,000 after acquiring an additional 89,222 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Beacon Roofing Supply by 23.0% in the third quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company’s stock valued at $3,668,000 after acquiring an additional 7,924 shares during the last quarter. JPMorgan Chase & Co. raised its position in Beacon Roofing Supply by 16.3% during the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock valued at $30,849,000 after purchasing an additional 49,902 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Beacon Roofing Supply during the third quarter worth $4,331,000. 98.45% of the stock is owned by institutional investors and hedge funds.

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.