Beacon Roofing Supply (NASDAQ:BECN) Sees Unusually-High Trading Volume After Analyst Upgrade

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw an uptick in trading volume on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $119.00 to $136.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. 401,169 shares changed hands during mid-day trading, a decline of 45% from the previous session’s volume of 722,854 shares.The stock last traded at $108.86 and had previously closed at $108.51.

A number of other equities research analysts also recently issued reports on the company. 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 note on Friday, November 1st. Robert W. Baird boosted their target price on shares of 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 issued a $103.00 price target on shares of Beacon Roofing Supply in a research report on Tuesday. Finally, Benchmark reissued a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.00.

Insider Activity at Beacon Roofing Supply

In related 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 value of $725,796.18. Following the transaction, the insider now directly owns 69,449 shares of the company’s stock, valued at approximately $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 accessible through this link. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the sale, the insider now directly owns 9,131 shares of the company’s stock, valued at approximately $821,790. This trade represents a 22.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,274 shares of company stock worth $1,526,146. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Beacon Roofing Supply

Several hedge funds have recently bought and sold shares of BECN. FMR LLC grew its position in shares of Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after purchasing an additional 963,633 shares in the last quarter. Vanguard Group Inc. boosted its stake in Beacon Roofing Supply by 14.1% during the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock valued at $689,814,000 after buying an additional 872,216 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Beacon Roofing Supply by 1,449.0% during the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after buying an additional 575,852 shares during the last quarter. Boston Partners increased its stake in Beacon Roofing Supply by 79.6% in the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after acquiring an additional 569,627 shares during the last quarter. Finally, Citigroup Inc. increased its stake in Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after acquiring an additional 473,937 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Up 0.7 %

The business has a 50-day moving average price of $92.73 and a 200 day moving average price of $92.60. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $6.76 billion, a P/E ratio of 18.67 and a beta of 1.54.

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.