Choreo LLC Grows Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Choreo LLC grew its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 30.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,183 shares of the company’s stock after purchasing an additional 2,383 shares during the period. Choreo LLC’s holdings in Beacon Roofing Supply were worth $1,014,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in BECN. Trust Point Inc. acquired a new stake in shares of Beacon Roofing Supply in the 4th quarter worth approximately $200,000. Mount Yale Investment Advisors LLC purchased a new stake in Beacon Roofing Supply during the fourth quarter worth $205,000. KBC Group NV grew its holdings in Beacon Roofing Supply by 45.0% in the fourth quarter. KBC Group NV now owns 2,505 shares of the company’s stock valued at $254,000 after purchasing an additional 777 shares during the last quarter. Everence Capital Management Inc. purchased a new position in shares of Beacon Roofing Supply in the fourth quarter valued at $210,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Beacon Roofing Supply by 16.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock worth $30,849,000 after buying an additional 49,902 shares during the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BECN. Stephens reissued an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Stifel Nicolaus cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $131.00 to $122.55 in a research note on Friday. BMO Capital Markets lifted their price objective on Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a research report on Thursday, January 16th. 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 report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. boosted their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Beacon Roofing Supply has a consensus rating of “Hold” and an average target price of $120.17.

Insider Activity

In related news, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the sale, the insider now directly owns 6,531 shares in the company, valued at approximately $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock opened at $119.70 on Monday. The stock has a fifty day moving average price of $109.63 and a 200 day moving average price of $98.69. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 week high of $121.42. The firm has a market capitalization of $7.41 billion, a P/E ratio of 20.46 and a beta of 1.62. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

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.