Beacon Roofing Supply, Inc. (NASDAQ:BECN) Stock Position Raised by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 16.3% during the third quarter, Holdings Channel reports. The firm owned 356,922 shares of the company’s stock after purchasing an additional 49,902 shares during the quarter. JPMorgan Chase & Co.’s holdings in Beacon Roofing Supply were worth $30,849,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. FMR LLC lifted its position in Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after buying an additional 963,633 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Beacon Roofing Supply by 1,449.0% in the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after acquiring an additional 575,852 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Beacon Roofing Supply by 1,192.1% during the third quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after acquiring an additional 473,937 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in Beacon Roofing Supply during the second quarter valued at $39,606,000. Finally, 140 Summer Partners LP purchased a new position in Beacon Roofing Supply in the third quarter valued at about $29,343,000. 98.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on BECN shares. Royal Bank of Canada increased their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Robert W. Baird upped their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Benchmark restated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Stephens reaffirmed an “equal weight” rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. increased their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Beacon Roofing Supply presently has an average rating of “Moderate Buy” and a consensus target price of $117.88.

Insider Buying and Selling

In other news, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 6,531 shares of the company’s stock, valued at approximately $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Clement Munroe Best III sold 5,637 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total transaction of $566,349.39. Following the completion of the transaction, the insider now owns 69,514 shares in the company, valued at $6,984,071.58. This trade represents a 7.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,274 shares of company stock valued at $1,578,146. Company insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Price Performance

NASDAQ:BECN opened at $102.08 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply, Inc. has a 12-month low of $77.54 and a 12-month high of $116.30. The stock’s 50 day moving average price is $104.73 and its two-hundred day moving average price is $95.15. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of 17.45 and a beta of 1.61.

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.