Insider Selling at Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) recently made headlines after insider Clement Munroe Best III sold 5,637 shares of the company’s stock on November 6th. The shares were sold at an average price of $100.47, resulting in a total value of approximately $566,349.39 for the transaction. After this sale, Best III now holds 69,514 shares in Beacon, which have an estimated value of about $6,984,071.58. Notably, this sale reflects a 0.00% change in his overall ownership of the company's stock. Details of this transaction were publicly disclosed in a filing with the Securities and Exchange Commission (SEC).

Additionally, on November 8th, Best III executed another trade, selling 7,037 shares at an average price of $103.14, which totaled $725,796.18.

Beacon Roofing Supply Stock Performance

As of the last trading day, Beacon’s stock increased by 1.0%, closing at $103.25. During trading, approximately 700,648 shares changed hands, slightly below the average volume of 712,904 shares. The company holds a market capitalization of $6.39 billion and has a price-to-earnings (P/E) ratio of 17.65. The stock’s beta stands at 1.54, indicating higher volatility compared to the market. Beacon Roofing's 50-day moving average is $89.63, while its 200-day moving average is $92.31. The company’s stock has a one-year low of $72.56 and a high of $105.42.

Analysts Update Price Targets

In recent days, various equity analysts have provided updates on Beacon Roofing Supply’s stock. Benchmark has reaffirmed a "buy" rating, setting a price target of $140.00 as of November 1st. Conversely, Stephens has lowered its price target from $107.00 to $95.00, assigning an "equal weight" rating. In another report, Robert W. Baird raised its target to $120.00 from $115.00, maintaining an "outperform" rating. Similarly, JPMorgan Chase lifted its price objective from $110.00 to $119.00, also giving it an "overweight" rating. Finally, Royal Bank of Canada increased its target from $113.00 to $114.00, reiterating an "outperform" rating. Overall, MarketBeat reports that the stock has a consensus rating of "Moderate Buy" with an average target price of $115.22.

Institutional Trading Overview

In the recent quarter, several institutional investors have altered their stakes in Beacon Roofing Supply. B. Metzler seel. Sohn & Co. Holding AG established a new investment worth approximately $4.33 million. Thrivent Financial for Lutherans increased its shares by 1.4%, bringing its total to 162,694 shares, valued at around $14.06 million after purchasing an additional 2,284 shares. Vaughan Nelson Investment Management L.P. raised its holdings by 18.7% and now owns 963,077 shares worth $83.24 million after acquiring an additional 152,030 shares. Natixis Advisors LLC improved its position by 21.1%, owning 214,368 shares after an additional acquisition of 37,347 shares. Finally, Huntington National Bank increased its stake by 14.1%, now holding 1,668 shares valued at $144,000. In total, about 98.45% of the stock is owned by institutional investors.

Company Background

Beacon Roofing Supply, Inc., with its subsidiaries, specializes in distributing both residential and commercial roofing materials, as well as other building products. These products are supplied to contractors, home builders, retailers, and lumberyards across the United States and Canada. The company offers a range of products including pitched and flat roofing materials, gutters, siding, various building materials like lumber, insulation solutions, and several HVAC products.

Conclusion

The recent insider selling activity and stock performance highlights the ongoing activity surrounding Beacon Roofing Supply. With substantial institutional interest and varying price targets from analysts, the future direction of the stock remains an area for observation.

Beacon, Insider, Shares