Stifel Financial Corp Cuts Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Stifel Financial Corp cut its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 59.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,317 shares of the company’s stock after selling 7,721 shares during the quarter. Stifel Financial Corp’s holdings in Beacon Roofing Supply were worth $460,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FMR LLC increased its position in shares of Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after acquiring an additional 963,633 shares during the period. Fisher Asset Management LLC increased its holdings in Beacon Roofing Supply by 0.3% during the 3rd quarter. Fisher Asset Management LLC now owns 993,715 shares of the company’s stock worth $85,887,000 after purchasing an additional 2,607 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in Beacon Roofing Supply by 18.7% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock valued at $83,239,000 after purchasing an additional 152,030 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Beacon Roofing Supply by 1,449.0% in the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after buying an additional 575,852 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Beacon Roofing Supply by 0.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 603,748 shares of the company’s stock worth $52,182,000 after buying an additional 5,497 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Insiders Place Their Bets

In other news, insider Clement Munroe Best III sold 5,637 shares of the 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 sale, the insider now owns 69,514 shares in the company, valued at approximately $6,984,071.58. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction dated 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 directly owns 6,531 shares in the company, valued at approximately $718,410. This represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,874 shares of company stock valued at $1,812,146 over the last quarter. Company insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Stock Down 1.6 %

Beacon Roofing Supply stock opened at $100.32 on Friday. The company has a market capitalization of $6.21 billion, a P/E ratio of 17.15 and a beta of 1.59. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply, Inc. has a fifty-two week low of $77.54 and a fifty-two week high of $116.30. The stock has a 50-day simple moving average of $103.54 and a 200-day simple moving average of $94.95.

Analysts Set New Price Targets

Several brokerages recently weighed in on BECN. JPMorgan Chase & Co. raised their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Robert W. Baird raised their price objective 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. 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. Benchmark restated a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Finally, Royal Bank of Canada upped 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. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $117.88.

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.