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

HighTower Advisors LLC increased its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 7.3% in the third quarter, Holdings Channel.com reports. The firm owned 2,665 shares of the company’s stock after purchasing an additional 181 shares during the period. HighTower Advisors LLC’s holdings in Beacon Roofing Supply were worth $234,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in BECN. Holocene Advisors LP purchased a new stake in Beacon Roofing Supply in the 3rd quarter valued at about $976,000. Centiva Capital LP acquired a new stake in shares of Beacon Roofing Supply in the third quarter worth approximately $1,131,000. Concentric Capital Strategies LP grew its holdings in Beacon Roofing Supply by 23.3% in the third quarter. Concentric Capital Strategies LP now owns 176,390 shares of the company’s stock valued at $15,245,000 after purchasing an additional 33,348 shares during the period. Paloma Partners Management Co acquired a new position in Beacon Roofing Supply during the third quarter worth approximately $216,000. Finally, Captrust Financial Advisors increased its holdings in shares of Beacon Roofing Supply by 9.2% during the 3rd quarter. Captrust Financial Advisors now owns 22,878 shares of the company’s stock worth $1,977,000 after buying an additional 1,937 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Royal Bank of Canada upped their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. increased their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report 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. Finally, Stephens reissued an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $117.88.

Beacon Roofing Supply Price Performance

Shares of BECN stock opened at $101.30 on Wednesday. The firm has a fifty day simple moving average of $103.14 and a 200-day simple moving average of $94.82. The company has a market capitalization of $6.27 billion, a PE ratio of 17.32 and a beta of 1.59. Beacon Roofing Supply, Inc. has a twelve month low of $77.54 and a twelve month high of $116.30. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Insiders Place Their Bets

In other news, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 6,531 shares of the company’s stock, valued at approximately $718,410. This trade represents a 28.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clement Munroe Best III sold 5,637 shares of Beacon Roofing Supply stock in a transaction on Wednesday, November 6th. The stock was 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 of the company’s stock, valued at approximately $6,984,071.58. This trade represents a 7.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,874 shares of company stock worth $1,812,146 in the last quarter. 1.30% of the stock is owned by corporate 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.