State Street Corp Buys 15,505 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

State Street Corp raised its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 1.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,471,500 shares of the company's stock after acquiring an additional 15,505 shares during the quarter. State Street Corp owned approximately 2.38% of Beacon Roofing Supply worth $127,182,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BECN. Quarry LP boosted its holdings 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 purchasing an additional 197 shares during the last quarter. Blue Trust Inc. increased its stake in Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company's stock worth $28,000 after acquiring an additional 211 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of Beacon Roofing Supply in the 3rd quarter worth about $28,000. GAMMA Investing LLC lifted its stake in shares of Beacon Roofing Supply by 154.0% in the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company's stock valued at $63,000 after purchasing an additional 445 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in shares of Beacon Roofing Supply by 66.7% in the 3rd 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 in the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Stock Down 1.5 %

NASDAQ:BECN traded down $1.60 on Friday, hitting $106.35. 394,031 shares of the company's stock traded hands, compared to its average volume of 716,486. The firm has a 50-day moving average price of $102.03 and a 200-day moving average price of $94.57. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The company has a market cap of $6.58 billion, a PE ratio of 18.18 and a beta of 1.59. Beacon Roofing Supply, Inc. has a 1 year low of $77.54 and a 1 year high of $116.30.

Insider Activity

In other news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the transaction, the insider now owns 6,531 shares in the company, valued at $718,410. This represents a 28.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Clement Munroe Best III sold 5,637 shares of Beacon Roofing Supply stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total transaction of $566,349.39. Following the completion of the sale, the insider now directly owns 69,514 shares of the company's stock, valued at approximately $6,984,071.58. The trade was a 7.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,874 shares of company stock worth $1,812,146 in the last ninety days. Corporate insiders own 1.30% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on BECN shares. Royal Bank of Canada raised their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Benchmark restated a "buy" rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. JPMorgan Chase & Co. increased their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. Stephens restated an "equal weight" rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Finally, Robert W. Baird increased their target price on 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 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 stock currently has a consensus rating of "Moderate Buy" and an average target price of $118.00.

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.