Beacon Roofing Supply (NASDAQ:BECN) Rating Lowered to Hold at Stifel Nicolaus

Beacon Roofing Supply (NASDAQ:BECN) was downgraded by equities research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research report issued on Friday,Finviz reports. They presently have a $122.55 price target on the stock, down from their prior price target of $131.00. Stifel Nicolaus’ price target would suggest a potential upside of 1.70% from the company’s current price.

BECN has been the topic of several other reports. Royal Bank of Canada raised 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. Benchmark reiterated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a report on Friday, November 1st. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a research note on Wednesday. They set a “sell” rating for the company. Zelman & Associates downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. Finally, JPMorgan Chase & Co. raised their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $120.17.

Beacon Roofing Supply Trading Up 1.3 %

Shares of Beacon Roofing Supply stock opened at $120.50 on Friday. Beacon Roofing Supply has a fifty-two week low of $77.54 and a fifty-two week high of $121.42. 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 company has a market cap of $7.46 billion, a P/E ratio of 20.60 and a beta of 1.62. The firm has a 50-day simple moving average of $109.34 and a two-hundred day simple moving average of $98.37.

Insider Activity at Beacon Roofing Supply

In other news, 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of Beacon Roofing Supply

Several hedge funds have recently modified their holdings of BECN. Inceptionr LLC purchased a new position in shares of Beacon Roofing Supply in the 4th quarter valued at about $665,000. Raymond James Financial Inc. purchased a new stake in Beacon Roofing Supply during the 4th quarter worth about $24,162,000. Cornerstone Investment Partners LLC boosted its position 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 in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Beacon Roofing Supply by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 615,174 shares of the company’s stock worth $62,489,000 after acquiring an additional 11,426 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in Beacon Roofing Supply during the fourth quarter worth approximately $31,000. 98.45% of the stock is currently 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.