JPMorgan Chase & Co. Buys 49,902 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

JPMorgan Chase & Co. boosted its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 16.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 356,922 shares of the company's stock after purchasing an additional 49,902 shares during the period. JPMorgan Chase & Co. owned about 0.58% of Beacon Roofing Supply worth $30,849,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. FMR LLC increased its position in shares of Beacon Roofing Supply by 17.6% in the third quarter. FMR LLC now owns 6,435,880 shares of the company's stock worth $556,253,000 after purchasing an additional 963,633 shares during the period. Janus Henderson Group PLC increased its holdings in Beacon Roofing Supply by 1,449.0% in the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company's stock valued at $53,205,000 after buying an additional 575,852 shares during the period. Citigroup Inc. raised its position in shares of Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company's stock valued at $44,398,000 after buying an additional 473,937 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Beacon Roofing Supply during the 2nd quarter worth approximately $39,606,000. Finally, 140 Summer Partners LP acquired a new stake in shares of Beacon Roofing Supply during the 3rd quarter worth approximately $29,343,000. Institutional investors own 98.45% of the company's stock.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 7,037 shares of the business's 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 completion of the sale, the insider now owns 69,449 shares in the company, valued at approximately $7,162,969.86. The trade was a 9.20 % decrease in their position. The sale 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 firm's stock in a transaction dated 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 transaction, the insider now directly owns 6,531 shares in the company, valued at approximately $718,410. The trade was a 28.47 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,274 shares of company stock worth $1,578,146. Company insiders own 1.30% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Robert W. Baird upped their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Benchmark restated a "buy" rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Stifel Nicolaus reiterated a "buy" rating and set a $115.00 price objective on shares of Beacon Roofing Supply in a research report on Wednesday. Royal Bank of Canada increased their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an "outperform" rating in a research note 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 equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $117.56.

Beacon Roofing Supply Trading Up 1.6 %

Shares of NASDAQ BECN traded up $1.60 during trading on Wednesday, reaching $103.68. The company had a trading volume of 451,878 shares, compared to its average volume of 438,534. The stock has a market cap of $6.42 billion, a P/E ratio of 17.72 and a beta of 1.61. The company's fifty day moving average price is $104.73 and its 200-day moving average price is $95.15. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply, Inc. has a 12 month low of $77.54 and a 12 month high of $116.30.

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.