Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 14.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,605 shares of the company’s stock after acquiring an additional 1,828 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Beacon Roofing Supply were worth $1,262,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in shares of Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 211 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Beacon Roofing Supply during the 3rd quarter worth $28,000. GAMMA Investing LLC lifted its stake in shares of Beacon Roofing Supply by 154.0% in the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after acquiring an additional 445 shares during the period. Central Pacific Bank Trust Division boosted its holdings in shares of Beacon Roofing Supply by 66.7% in the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock valued at $108,000 after acquiring an additional 500 shares in the last quarter. Finally, Huntington National Bank increased its stake in shares of Beacon Roofing Supply by 14.1% during the third quarter. Huntington National Bank now owns 1,668 shares of the company’s stock worth $144,000 after acquiring an additional 206 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BECN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of 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 company an “outperform” rating in a research note 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 stock an “outperform” rating in a research report on Friday, November 1st. Stephens restated an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Finally, Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $118.00.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 5,637 shares of the company’s stock in a transaction 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 $6,984,071.58. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction 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 sale, the insider now directly owns 6,531 shares in the company, valued at approximately $718,410. The trade was a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,874 shares of company stock valued at $1,812,146 over the last quarter. Corporate insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $113.10 on Friday. 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 company’s 50-day moving average price is $99.36 and its 200 day moving average price is $94.08. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 week high of $116.30. The stock has a market cap of $7.00 billion, a price-to-earnings ratio of 19.33 and a beta of 1.59.

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.