Beacon Roofing Supply (NASDAQ:BECN) Rating Lowered to “Hold” at Zelman & Associates

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by analysts at Zelman & Associates from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

BECN has been the topic of a number of other research reports. Royal Bank of Canada boosted their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Stephens reissued an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. JPMorgan Chase & Co. raised their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. BMO Capital Markets lifted their target price on Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, StockNews.com cut Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research report on Thursday. 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 presently has a consensus rating of “Moderate Buy” and an average price target of $121.11.

Beacon Roofing Supply Stock Up 1.2 %

Shares of Beacon Roofing Supply stock opened at $115.92 on Thursday. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $121.22. 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 business’s 50 day simple moving average is $106.65 and its 200 day simple moving average is $96.12. The firm has a market cap of $7.17 billion, a PE ratio of 19.82 and a beta of 1.61.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 7,037 shares of the business’s 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 completion of the sale, the insider now owns 69,449 shares in the company, valued at $7,162,969.86. The trade was a 9.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the company’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 completion of the transaction, the insider now directly owns 6,531 shares in the company, valued at $718,410. The trade was a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,274 shares of company stock valued at $1,578,146 in the last quarter. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of institutional investors have recently modified their holdings of the business. Blue Trust Inc. increased its position in Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after acquiring an additional 211 shares during the period. Quarry LP grew its position in shares of Beacon Roofing Supply by 180.7% during the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after purchasing an additional 197 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Beacon Roofing Supply during the third quarter worth approximately $28,000. GAMMA Investing LLC raised its position in shares of Beacon Roofing Supply by 154.0% in the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after buying an additional 445 shares in the last quarter. Finally, Central Pacific Bank Trust Division raised its position in shares of Beacon Roofing Supply by 66.7% in the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock valued at $108,000 after buying an additional 500 shares in the last quarter. Institutional investors own 98.45% of the company’s stock.

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.