HighTower Advisors LLC Boosts Stock Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

HighTower Advisors LLC raised its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 7.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,665 shares of the company’s stock after purchasing an additional 181 shares during the quarter. HighTower Advisors LLC’s holdings in Beacon Roofing Supply were worth $234,000 at the end of the most recent reporting period.

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

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $101.30 on Wednesday. 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 $103.14 and its 200 day moving average price is $94.82. 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 $6.27 billion, a price-to-earnings ratio of 17.32 and a beta of 1.59.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 5,637 shares of the business’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 completion of the transaction, the insider now directly owns 69,514 shares of the company’s stock, valued at $6,984,071.58. The trade was a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 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.