Entropy Technologies LP Sells 789 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Entropy Technologies LP decreased its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 17.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,700 shares of the company’s stock after selling 789 shares during the quarter. Entropy Technologies LP’s holdings in Beacon Roofing Supply were worth $320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. WCM Investment Management LLC increased its holdings in shares of Beacon Roofing Supply by 1.6% in the 3rd quarter. WCM Investment Management LLC now owns 524,985 shares of the company’s stock worth $46,052,000 after buying an additional 8,054 shares during the last quarter. Meritage Portfolio Management increased its stake in Beacon Roofing Supply by 11.4% during the third quarter. Meritage Portfolio Management now owns 4,002 shares of the company’s stock worth $346,000 after acquiring an additional 408 shares during the last quarter. Equitable Trust Co. raised its position in Beacon Roofing Supply by 2.2% during the third quarter. Equitable Trust Co. now owns 7,106 shares of the company’s stock valued at $614,000 after purchasing an additional 156 shares during the period. Fiera Capital Corp bought a new stake in shares of Beacon Roofing Supply in the 3rd quarter valued at approximately $1,723,000. Finally, Cannon Global Investment Management LLC boosted its holdings in shares of Beacon Roofing Supply by 24.3% in the 3rd quarter. Cannon Global Investment Management LLC now owns 5,000 shares of the company’s stock worth $432,000 after purchasing an additional 978 shares during the period. 98.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the transaction, the insider now directly owns 9,131 shares of the company’s stock, valued at approximately $821,790. The trade was a 22.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $103.14, for a total value of $725,796.18. Following the sale, the insider now directly owns 69,449 shares in the company, valued at approximately $7,162,969.86. The trade was a 9.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,274 shares of company stock worth $1,526,146 over the last three months. 1.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Beacon Roofing Supply from $110.00 to $119.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Royal Bank of Canada lifted 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 increased their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Stephens dropped their target price on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Finally, Benchmark reaffirmed a “buy” rating and set a $140.00 target price 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. According to MarketBeat, Beacon Roofing Supply has a consensus rating of “Moderate Buy” and a consensus price target of $115.22.

Beacon Roofing Supply Trading Down 2.2 %

Shares of NASDAQ BECN opened at $98.75 on Friday. Beacon Roofing Supply, Inc. has a twelve month low of $77.54 and a twelve month high of $105.84. The firm has a market cap of $6.11 billion, a PE ratio of 16.88 and a beta of 1.54. The business has a fifty day simple moving average of $91.58 and a two-hundred day simple moving average of $92.46. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60.

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.