Franklin Resources Inc. Acquires 13,092 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Franklin Resources Inc. raised its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 2.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 540,305 shares of the company's stock after purchasing an additional 13,092 shares during the period. Franklin Resources Inc. owned 0.87% of Beacon Roofing Supply worth $50,443,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company's stock valued at $28,000 after purchasing an additional 211 shares during the last quarter. Quarry LP boosted its stake in shares of Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company's stock valued at $26,000 after buying an additional 197 shares during the period. Harvest Fund Management Co. Ltd acquired a new position in shares of Beacon Roofing Supply during the 3rd quarter worth about $28,000. GAMMA Investing LLC lifted its stake 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 purchasing an additional 445 shares during the last quarter. Finally, Central Pacific Bank Trust Division increased its stake in Beacon Roofing Supply by 66.7% in the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company's stock valued at $108,000 after purchasing an additional 500 shares during the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BECN shares. Royal Bank of Canada raised their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Robert W. Baird boosted their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. Benchmark reaffirmed a "buy" rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Stephens restated an "equal weight" rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an "overweight" rating in a report 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $118.00.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction that occurred 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $566,349.39. Following the completion of the transaction, the insider now directly owns 69,514 shares in the company, valued at $6,984,071.58. The trade was a 7.50 % 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 Trading Up 0.1 %

NASDAQ BECN traded up $0.14 on Wednesday, hitting $105.46. 36,199 shares of the company were exchanged, compared to its average volume of 712,923. Beacon Roofing Supply, Inc. has a twelve month low of $77.54 and a twelve month high of $116.30. The company's 50 day moving average price is $102.23 and its 200-day moving average price is $94.63. The firm has a market capitalization of $6.53 billion, a P/E ratio of 18.00 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 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.