Pier Capital LLC Takes Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Pier Capital LLC purchased a new position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 88,263 shares of the company's stock, valued at approximately $7,629,000. Pier Capital LLC owned 0.14% of Beacon Roofing Supply as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in BECN. Quarry LP raised its position in Beacon Roofing Supply by 180.7% during the third quarter. Quarry LP now owns 306 shares of the company's stock valued at $26,000 after acquiring an additional 197 shares in the last quarter. Blue Trust Inc. raised its position 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 in the last quarter. Harvest Fund Management Co. Ltd bought a new position in Beacon Roofing Supply during the third quarter valued at approximately $28,000. GAMMA Investing LLC raised 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 valued at $63,000 after acquiring an additional 445 shares in the last quarter. Finally, Central Pacific Bank Trust Division raised its position in 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 valued at $108,000 after acquiring an additional 500 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Beacon Roofing Supply 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 transaction of $725,796.18. Following the sale, the insider now owns 69,449 shares in the company, valued at $7,162,969.86. The trade was a 9.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply 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 sale, the insider now 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 17,874 shares of company stock worth $1,812,146 over the last 90 days. Corporate insiders own 1.30% of the company's stock.

Beacon Roofing Supply Stock Performance

Shares of Beacon Roofing Supply stock traded down $1.53 during midday trading on Friday, hitting $111.57. The company had a trading volume of 494,907 shares, compared to its average volume of 821,216. The business's 50 day simple moving average is $99.83 and its two-hundred day simple moving average is $94.14. The stock has a market cap of $6.91 billion, a PE ratio of 19.07 and a beta of 1.59. 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.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on BECN shares. Royal Bank of Canada lifted their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. 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. lifted their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an "overweight" rating in a research report on Tuesday, November 19th. Stephens reissued an "equal weight" rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a research 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 research 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's stock. Based on data from MarketBeat, the company currently 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.