Franklin Resources Inc. Increases Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Franklin Resources Inc. raised its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 2.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 540,305 shares of the company’s stock after buying an additional 13,092 shares during the quarter. Franklin Resources Inc. owned about 0.87% of Beacon Roofing Supply worth $50,443,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BECN. Intech Investment Management LLC purchased a new position in Beacon Roofing Supply during the third quarter worth approximately $1,441,000. BNP Paribas Financial Markets increased its stake in shares of Beacon Roofing Supply by 23.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company’s stock worth $3,668,000 after acquiring an additional 7,924 shares during the last quarter. Barclays PLC raised its holdings in shares of Beacon Roofing Supply by 272.0% during the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock worth $10,547,000 after acquiring an additional 89,222 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Beacon Roofing Supply during the 3rd quarter worth $4,331,000. Finally, Vaughan Nelson Investment Management L.P. boosted its position in shares of Beacon Roofing Supply by 18.7% during 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 acquiring an additional 152,030 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Beacon Roofing Supply Stock Up 0.0 %

Shares of NASDAQ:BECN opened at $105.32 on Wednesday. The firm’s 50-day moving average is $102.23 and its two-hundred day moving average is $94.63. 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 firm has a market capitalization of $6.52 billion, a PE ratio of 18.00 and a beta of 1.59.

Insider Buying and Selling

In related news, insider Clement Munroe Best III sold 7,037 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $103.14, for a total transaction of $725,796.18. Following the completion of the transaction, the insider now directly owns 69,449 shares of the company’s stock, valued at $7,162,969.86. The trade was a 9.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the sale, the insider now directly owns 9,131 shares in the company, valued at $821,790. This represents a 22.16 % 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 in the last ninety days. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on BECN shares. Stephens reaffirmed 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. Robert W. Baird lifted their price target on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. increased their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Royal Bank of Canada lifted their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Benchmark reiterated a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $118.00.

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.