Beacon Roofing Supply, Inc. (NASDAQ:BECN) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 16.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 356,922 shares of the company’s stock after purchasing an additional 49,902 shares during the period. JPMorgan Chase & Co. owned about 0.58% of Beacon Roofing Supply worth $30,849,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. US Bancorp DE boosted its holdings in Beacon Roofing Supply by 2.3% in the 3rd quarter. US Bancorp DE now owns 5,255 shares of the company’s stock worth $454,000 after buying an additional 116 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Beacon Roofing Supply by 2.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock worth $501,000 after acquiring an additional 147 shares during the last quarter. Equitable Trust Co. boosted its stake in shares of Beacon Roofing Supply by 2.2% in the third quarter. Equitable Trust Co. now owns 7,106 shares of the company’s stock worth $614,000 after acquiring an additional 156 shares during the last quarter. HighTower Advisors LLC increased its position in shares of Beacon Roofing Supply by 7.3% during the third quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock worth $234,000 after purchasing an additional 181 shares in the last quarter. Finally, Quarry LP raised its stake in Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after purchasing an additional 197 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Wall Street Analyst Weigh In

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

Beacon Roofing Supply Trading Up 0.1 %

Shares of BECN opened at $102.08 on Wednesday. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply, Inc. has a 1-year low of $77.54 and a 1-year high of $116.30. The stock has a market cap of $6.32 billion, a price-to-earnings ratio of 17.45 and a beta of 1.61. The firm has a 50 day simple moving average of $104.73 and a 200-day simple moving average of $95.15.

Insider Activity

In related news, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $103.14, for a total transaction 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. This trade represents a 9.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the sale, the insider now directly 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 disclosure for this sale can be found here. Insiders sold a total of 15,274 shares of company stock valued at $1,578,146 in the last 90 days. 1.30% of the stock is currently owned by insiders.

Beacon Roofing Supply 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.