MQS Management LLC Takes Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

MQS Management LLC acquired a new stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 5,744 shares of the company's stock, valued at approximately $496,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in BECN. US Bancorp DE raised its position in Beacon Roofing Supply by 2.3% in the 3rd quarter. US Bancorp DE now owns 5,255 shares of the company's stock worth $454,000 after purchasing an additional 116 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in Beacon Roofing Supply by 2.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company's stock worth $501,000 after purchasing an additional 147 shares during the period. SummerHaven Investment Management LLC raised its position in Beacon Roofing Supply by 1.8% in the 2nd quarter. SummerHaven Investment Management LLC now owns 8,874 shares of the company's stock worth $803,000 after purchasing an additional 156 shares during the period. Equitable Trust Co. raised its position in Beacon Roofing Supply by 2.2% in the 3rd quarter. Equitable Trust Co. now owns 7,106 shares of the company's stock worth $614,000 after purchasing an additional 156 shares during the period. Finally, QRG Capital Management Inc. raised its position in Beacon Roofing Supply by 1.5% in the 1st quarter. QRG Capital Management Inc. now owns 10,475 shares of the company's stock worth $1,027,000 after purchasing an additional 157 shares during the period. Hedge funds and other institutional investors own 98.45% of the company's stock.

Beacon Roofing Supply Price Performance

Shares of BECN traded down $1.43 during mid-day trading on Thursday, reaching $100.95. The stock had a trading volume of 785,764 shares, compared to its average volume of 714,532. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of 17.26 and a beta of 1.54. Beacon Roofing Supply, Inc. has a 12 month low of $77.54 and a 12 month high of $105.84. The business has a fifty day moving average of $90.89 and a 200 day moving average of $92.44. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Insiders Place Their Bets

In related news, insider Clement Munroe Best III sold 7,037 shares of the company'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 transaction, the insider now owns 69,449 shares in the company, valued at approximately $7,162,969.86. This represents a 9.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the company's 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 transaction, the insider now owns 9,131 shares of the company's stock, valued at approximately $821,790. This represents a 22.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,274 shares of company stock worth $1,526,146 over the last three months. 1.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

BECN has been the topic of a number of analyst reports. Royal Bank of Canada boosted 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 report on Friday, November 1st. Benchmark reiterated a "buy" rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Robert W. Baird upped their target price on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. Stephens dropped their target price on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Beacon Roofing Supply from $110.00 to $119.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Beacon Roofing Supply has a consensus rating of "Moderate Buy" and an average target price of $115.22.

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.