Holocene Advisors LP Takes Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Holocene Advisors LP bought a new stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 11,293 shares of the company’s stock, valued at approximately $976,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC increased its holdings in shares of Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after buying an additional 963,633 shares during the last quarter. Citigroup Inc. increased its stake in Beacon Roofing Supply by 1,192.1% in the third quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after acquiring an additional 473,937 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in Beacon Roofing Supply during the second quarter valued at about $39,606,000. 140 Summer Partners LP bought a new stake in Beacon Roofing Supply during the third quarter worth about $29,343,000. Finally, Point72 Asset Management L.P. purchased a new position in shares of Beacon Roofing Supply in the 2nd quarter worth about $27,566,000. 98.45% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Beacon Roofing Supply 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 value of $725,796.18. Following the completion of the transaction, the insider now directly owns 69,449 shares in the company, valued at approximately $7,162,969.86. This represents a 9.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply 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 sale, the insider now directly owns 6,531 shares in the company, valued at $718,410. The trade was a 28.47 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,874 shares of company stock worth $1,812,146. 1.30% of the stock is currently owned by company insiders.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock opened at $111.57 on Friday. Beacon Roofing Supply, Inc. has a 1-year low of $77.54 and a 1-year high of $116.30. The firm has a market cap of $6.91 billion, a P/E ratio of 19.07 and a beta of 1.59. 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 firm has a 50-day moving average of $99.83 and a 200-day moving average of $94.17.

Analyst Ratings Changes

A number of research firms recently weighed in on BECN. Robert W. Baird boosted their target price 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 objective on shares of Beacon Roofing Supply in a report on Friday, November 1st. Stephens reaffirmed an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Royal Bank of Canada lifted their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. upped their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.