Beacon Roofing Supply, Inc. (NASDAQ:BECN) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA cut its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 0.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 220,953 shares of the company’s stock after selling 613 shares during the quarter. Glenmede Trust Co. NA owned about 0.36% of Beacon Roofing Supply worth $19,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. increased its holdings in Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after purchasing an additional 211 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at about $28,000. GAMMA Investing LLC raised its holdings in shares of Beacon Roofing Supply by 154.0% during the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after buying an additional 445 shares during the period. Plato Investment Management Ltd lifted its position in Beacon Roofing Supply by 140.3% during the 1st quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock worth $109,000 after acquiring an additional 648 shares in the last quarter. Finally, Central Pacific Bank Trust Division boosted its holdings in 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 worth $108,000 after acquiring an additional 500 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 5,637 shares of Beacon Roofing Supply stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the completion of the transaction, the insider now directly owns 69,514 shares in the company, valued at $6,984,071.58. The trade was a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jason L. Taylor sold 2,600 shares of the company’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 transaction, the insider now directly owns 6,531 shares of the company’s stock, valued at $718,410. This trade represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,874 shares of company stock valued at $1,812,146 over the last 90 days. 1.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

BECN has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Benchmark reissued a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Royal Bank of Canada lifted their target price 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. Stephens reissued an “equal weight” rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Finally, Robert W. Baird lifted their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.00.

Beacon Roofing Supply Price Performance

Shares of BECN opened at $112.79 on Friday. 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 market cap of $6.98 billion, a price-to-earnings ratio of 19.28 and a beta of 1.54. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 week high of $116.30. The stock has a 50 day moving average of $96.10 and a 200-day moving average of $93.36.

Beacon Roofing Supply Company 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.