Ionic Capital Management LLC Acquires 13,000 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Ionic Capital Management LLC grew its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 69.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,772 shares of the company’s stock after buying an additional 13,000 shares during the period. Beacon Roofing Supply makes up approximately 0.5% of Ionic Capital Management LLC’s holdings, making the stock its 26th biggest position. Ionic Capital Management LLC owned about 0.05% of Beacon Roofing Supply worth $2,746,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BECN. US Bancorp DE lifted its position in shares of Beacon Roofing Supply by 2.3% during 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 last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Beacon Roofing Supply by 2.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock valued at $501,000 after buying an additional 147 shares during the period. SummerHaven Investment Management LLC grew its holdings in shares of Beacon Roofing Supply by 1.8% during 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 in the last quarter. Equitable Trust Co. lifted its position in Beacon Roofing Supply by 2.2% in the third 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, HighTower Advisors LLC boosted its stake in Beacon Roofing Supply by 7.3% during the third quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock worth $234,000 after buying an additional 181 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Analysts Set New Price Targets

BECN has been the topic of a number of analyst reports. Robert W. Baird upped their target price 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. Stephens restated an “equal weight” rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Royal Bank of Canada increased their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. raised their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $118.00.

Insider Activity at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was 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 owns 69,449 shares in the company, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the sale, the insider now directly owns 9,131 shares in the company, valued at approximately $821,790. This represents a 22.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,874 shares of company stock valued at $1,812,146. 1.30% of the stock is owned by insiders.

Beacon Roofing Supply Trading Down 0.6 %

NASDAQ BECN opened at $112.29 on Tuesday. The firm has a market cap of $6.95 billion, a P/E ratio of 19.19 and a beta of 1.59. Beacon Roofing Supply, Inc. has a one year low of $77.54 and a one year high of $116.30. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The stock’s 50-day moving average is $97.69 and its 200-day moving average is $93.69.

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.