Raymond James & Associates Acquires 12,433 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Raymond James & Associates lifted its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 29.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,462 shares of the company's stock after buying an additional 12,433 shares during the period. Raymond James & Associates owned approximately 0.09% of Beacon Roofing Supply worth $4,707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Acadian Asset Management LLC raised its stake in Beacon Roofing Supply by 15.3% during the 1st quarter. Acadian Asset Management LLC now owns 374,276 shares of the company's stock worth $36,671,000 after acquiring an additional 49,634 shares in the last quarter. Boston Partners lifted its holdings in shares of Beacon Roofing Supply by 79.6% in the first quarter. Boston Partners now owns 1,285,239 shares of the company's stock valued at $126,082,000 after purchasing an additional 569,627 shares in the last quarter. Blair William & Co. IL acquired a new position in shares of Beacon Roofing Supply in the first quarter valued at approximately $644,000. Bayesian Capital Management LP acquired a new position in shares of Beacon Roofing Supply in the first quarter valued at approximately $572,000. Finally, Comerica Bank raised its position in shares of Beacon Roofing Supply by 109.5% in the first quarter. Comerica Bank now owns 89,967 shares of the company's stock valued at $8,818,000 after buying an additional 47,028 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company's stock.

Insider Buying and Selling at Beacon Roofing Supply

In related news, insider Jason L. Taylor sold 2,600 shares of the 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 sale, the insider now directly owns 9,131 shares in the company, valued at $821,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Beacon Roofing Supply news, CFO Prithvi Gandhi bought 5,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average cost of $82.29 per share, with a total value of $411,450.00. Following the purchase, the chief financial officer now owns 5,000 shares in the company, valued at $411,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the sale, the insider now directly owns 9,131 shares of the company's stock, valued at approximately $821,790. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company's stock.

Beacon Roofing Supply Price Performance

Shares of BECN traded up $1.27 during trading hours on Friday, hitting $93.34. The stock had a trading volume of 653,844 shares, compared to its average volume of 723,595. Beacon Roofing Supply, Inc. has a 52 week low of $71.48 and a 52 week high of $105.42. The company's fifty day moving average is $88.96 and its two-hundred day moving average is $92.18. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.90 and a quick ratio of 1.09. The stock has a market capitalization of $5.77 billion, a price-to-earnings ratio of 15.96 and a beta of 1.54.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported $2.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.79 by ($0.47). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.64%. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same quarter in the previous year, the company posted $2.66 earnings per share. The business's revenue for the quarter was up 6.8% on a year-over-year basis. On average, analysts anticipate that Beacon Roofing Supply, Inc. will post 7.37 EPS for the current year.

Wall Street Analysts Forecast Growth

BECN has been the subject of several research analyst reports. Stephens dropped their price target on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an "equal weight" rating for the company in a research report on Monday, August 5th. Benchmark restated a "buy" rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday. Royal Bank of Canada upped their target price 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. Finally, Robert W. Baird increased 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 note on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $115.00.

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.