Beacon Roofing Supply, Inc. (NASDAQ:BECN) Position Cut by Glenmede Trust Co. NA

Glenmede Trust Co. NA reduced its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 0.3% during the 3rd quarter, Holdings Channel reports. The fund owned 220,953 shares of the company’s stock after selling 613 shares during the quarter. Glenmede Trust Co. NA’s holdings in Beacon Roofing Supply were worth $19,097,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets increased its holdings in shares of Beacon Roofing Supply by 23.0% during the third quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company’s stock valued at $3,668,000 after purchasing an additional 7,924 shares during the period. Quantbot Technologies LP increased its stake in Beacon Roofing Supply by 169.2% during the 3rd quarter. Quantbot Technologies LP now owns 23,529 shares of the company’s stock valued at $2,034,000 after buying an additional 14,788 shares during the period. FMR LLC increased its stake in Beacon Roofing Supply by 17.6% during the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after buying an additional 963,633 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter worth about $28,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Beacon Roofing Supply in the 3rd quarter worth approximately $614,000. Institutional investors own 98.45% of the company’s stock.

Insider Buying and Selling at Beacon Roofing Supply

In related news, insider Clement Munroe Best III sold 5,637 shares of the firm’s stock in a transaction that occurred on 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 directly owns 69,514 shares in the company, valued at approximately $6,984,071.58. This trade represents a 7.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the transaction, the insider now directly owns 9,131 shares in the company, valued at $821,790. The trade was a 22.16 % decrease in their ownership of the stock. 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 in the last three months. 1.30% of the stock is currently owned by company insiders.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock opened at $112.79 on Friday. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The company has a market cap of $6.98 billion, a P/E ratio of 19.28 and a beta of 1.54. Beacon Roofing Supply, Inc. has a fifty-two week low of $77.54 and a fifty-two week high of $116.30. The firm’s 50 day simple moving average is $96.10 and its 200-day simple moving average is $93.36.

Analyst Upgrades and Downgrades

A number of research firms recently commented on BECN. 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 research note on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Royal Bank of Canada upped their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Stephens reaffirmed an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Finally, Benchmark reissued a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $118.00.

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.