By otakuyassine3@gmail.com 
Geode Capital Management LLC lessened its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN – Free Report) by 0.2% in the 3rd quarter, Holdings Channel reports. The firm owned 1,468,043 shares of the company’s stock after selling 3,457 shares during the quarter. Geode Capital Management LLC’s holdings in Beacon Roofing Supply were worth $126,906,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of BECN. Raymond James & Associates boosted its position in Beacon Roofing Supply by 471.8% during the second quarter. Raymond James & Associates now owns 42,029 shares of the company’s stock worth $3,804,000 after purchasing an additional 34,679 shares during the period. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Beacon Roofing Supply by 45.4% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 3,239 shares of the company’s stock worth $293,000 after buying an additional 1,012 shares during the period. SummerHaven Investment Management LLC grew its stake in Beacon Roofing Supply by 1.8% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,874 shares of the company’s stock valued at $803,000 after buying an additional 156 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Beacon Roofing Supply by 20.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 315,893 shares of the company’s stock worth $28,588,000 after acquiring an additional 53,558 shares during the period. Finally, Iridian Asset Management LLC CT lifted its position in Beacon Roofing Supply by 12.0% during the 2nd quarter. Iridian Asset Management LLC CT now owns 65,649 shares of the company’s stock worth $5,941,000 after acquiring an additional 7,031 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
BECN has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Robert W. Baird lifted their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada increased their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Benchmark restated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Finally, 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. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $118.00.
Get Our Latest Analysis on BECN
Beacon Roofing Supply Stock Performance
Shares of NASDAQ BECN opened at $105.32 on Wednesday. The firm has a market capitalization of $6.52 billion, a price-to-earnings ratio of 18.04 and a beta of 1.59. Beacon Roofing Supply, Inc. has a one year low of $77.54 and a one year high of $116.30. The business has a fifty day simple moving average of $102.23 and a 200 day simple moving average of $94.63. 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 5,637 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the sale, the insider now directly owns 69,514 shares in the company, valued at approximately $6,984,071.58. This represents a 7.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $110.00, for a total value of $286,000.00. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,874 shares of company stock worth $1,812,146. 1.30% of the stock is currently owned by corporate insiders.
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.
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