Ionic Capital Management LLC boosted its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN – Free Report) by 69.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,772 shares of the company’s stock after buying an additional 13,000 shares during the period. Beacon Roofing Supply accounts for approximately 0.5% of Ionic Capital Management LLC’s investment portfolio, making the stock its 26th largest holding. Ionic Capital Management LLC owned 0.05% of Beacon Roofing Supply worth $2,746,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BECN. Blue Trust Inc. increased its stake in Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 211 shares during the period. Harvest Fund Management Co. Ltd bought a new position in shares of Beacon Roofing Supply during the 3rd quarter worth approximately $28,000. GAMMA Investing LLC grew its position in Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after buying an additional 445 shares in the last quarter. Central Pacific Bank Trust Division grew 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 last quarter. Finally, Huntington National Bank raised its holdings in Beacon Roofing Supply by 14.1% during the 3rd quarter. Huntington National Bank now owns 1,668 shares of the company’s stock worth $144,000 after purchasing an additional 206 shares during the last quarter. 98.45% of the stock is owned by institutional investors.
Insider Transactions at Beacon Roofing Supply
In other news, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction on 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 owns 9,131 shares in the company, valued at approximately $821,790. This trade represents a 22.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 completion of the sale, the insider now directly owns 69,449 shares of the company’s stock, valued at approximately $7,162,969.86. This represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,874 shares of company stock worth $1,812,146 in the last three months. Corporate insiders own 1.30% of the company’s stock.
Beacon Roofing Supply Stock Down 0.6 %
Wall Street Analyst Weigh In
Several brokerages recently weighed in on BECN. Stephens reissued an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. 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 report on Wednesday, October 16th. Royal Bank of Canada boosted 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. Benchmark reissued a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. boosted 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 note on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $118.00.
Get Our Latest Research Report on Beacon Roofing Supply
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.
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