Beacon Roofing Supply (NASDAQ:BECN) Sets New 12-Month High – Still a Buy?

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) reached a new 52-week high during mid-day trading on Thursday . The stock 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 Analysts Forecast Growth

Several equities analysts have weighed in on BECN shares. Royal Bank of Canada raised their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Robert W. Baird increased their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Stephens reiterated 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. Stifel Nicolaus raised their price target 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. Finally, Zelman & Associates lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply presently has an average rating of “Moderate Buy” and an average target price of $121.11.

Beacon Roofing Supply Stock Up 1.3 %

The firm’s fifty day moving average price is $109.34 and its 200-day moving average price is $98.37. The company has a market cap of $7.46 billion, a price-to-earnings ratio of 20.61 and a beta of 1.62. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Insider Activity

In other news, insider Clement Munroe Best III sold 7,037 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $103.14, for a total transaction of $725,796.18. Following the transaction, the insider now directly owns 69,449 shares in the company, valued at $7,162,969.86. The trade was a 9.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction dated 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 owns 6,531 shares of the company’s stock, valued at $718,410. This trade represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Beacon Roofing Supply

Several institutional investors and hedge funds have recently bought and sold shares of BECN. Cornerstone Investment Partners LLC boosted its stake in shares of Beacon Roofing Supply by 3.6% during the 4th quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock worth $480,000 after acquiring an additional 166 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Beacon Roofing Supply by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 615,174 shares of the company’s stock worth $62,489,000 after purchasing an additional 11,426 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Beacon Roofing Supply in the fourth quarter valued at $31,000. Fisher Asset Management LLC raised its position in shares of Beacon Roofing Supply by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company’s stock valued at $103,011,000 after purchasing an additional 20,372 shares during the period. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Beacon Roofing Supply by 14.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,910 shares of the company’s stock worth $194,000 after buying an additional 245 shares during the period. Institutional investors own 98.45% of the company’s stock.

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.