Entropy Technologies LP Cuts Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Entropy Technologies LP decreased its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 17.6% in the third quarter, Holdings Channel reports. The firm owned 3,700 shares of the company’s stock after selling 789 shares during the period. Entropy Technologies LP’s holdings in Beacon Roofing Supply were worth $320,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BECN. Allspring Global Investments Holdings LLC acquired a new stake in Beacon Roofing Supply in the first quarter worth about $26,000. Blue Trust Inc. boosted its stake in Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 211 shares in the last quarter. GAMMA Investing LLC increased its stake in Beacon Roofing Supply by 154.0% during the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after purchasing an additional 445 shares in the last quarter. Plato Investment Management Ltd raised its holdings in shares of Beacon Roofing Supply by 140.3% in the first quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock worth $109,000 after buying an additional 648 shares during the last quarter. Finally, Central Pacific Bank Trust Division lifted 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 buying an additional 500 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Stock Down 2.2 %

BECN stock opened at $98.75 on Friday. Beacon Roofing Supply, Inc. has a one year low of $77.54 and a one year high of $105.84. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The firm’s fifty day moving average is $91.58 and its 200 day moving average is $92.46. The firm has a market cap of $6.11 billion, a PE ratio of 16.88 and a beta of 1.54.

Insider Activity

In related news, insider Clement Munroe Best III sold 7,037 shares of Beacon Roofing Supply stock in a transaction on 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 owns 69,449 shares of the company’s stock, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the transaction, the insider now owns 9,131 shares of the company’s stock, valued at $821,790. This represents a 22.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock worth $1,526,146 in the last ninety days. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Robert W. Baird upped their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Benchmark restated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. JPMorgan Chase & Co. upped their target price on Beacon Roofing Supply from $110.00 to $119.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Stephens reduced their price target on shares of 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, Royal Bank of Canada upped their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $115.22.

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.