Janney Montgomery Scott LLC Makes New Investment in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Janney Montgomery Scott LLC purchased a new position in Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,230 shares of the company’s stock, valued at approximately $341,000.

A number of other hedge funds have also modified their holdings of BECN. Advisor Group Holdings Inc. boosted its position in shares of Beacon Roofing Supply by 37.5% in the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock worth $65,000 after purchasing an additional 300 shares during the period. Raymond James & Associates boosted its position in shares of Beacon Roofing Supply by 11.6% in the first quarter. Raymond James & Associates now owns 13,449 shares of the company’s stock worth $797,000 after purchasing an additional 1,397 shares during the period. Raymond James Financial Services Advisors Inc. bought a new position in shares of Beacon Roofing Supply in the first quarter worth approximately $317,000. AlphaCrest Capital Management LLC boosted its position in shares of Beacon Roofing Supply by 4.0% in the first quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock worth $419,000 after purchasing an additional 273 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of Beacon Roofing Supply by 27.0% in the first quarter. Bank of Montreal Can now owns 10,659 shares of the company’s stock worth $665,000 after purchasing an additional 2,267 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Beacon Roofing Supply in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Royal Bank of Canada dropped their target price on shares of Beacon Roofing Supply from $59.00 to $54.00 and set a “sector perform” rating for the company in a research report on Monday, November 7th. Robert W. Baird dropped their target price on shares of Beacon Roofing Supply from $67.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday. Deutsche Bank Aktiengesellschaft upped their target price on shares of Beacon Roofing Supply from $79.00 to $81.00 and gave the stock a “buy” rating in a research report on Tuesday, January 10th. Finally, Stifel Nicolaus upped their target price on shares of Beacon Roofing Supply from $80.00 to $91.00 and gave the stock a “buy” rating in a research report on Monday, December 19th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $65.63.

Insider Activity

In other news, major shareholder Cd&R Investment Associates Ix, bought 105,320 shares of Beacon Roofing Supply stock in a transaction dated Friday, October 28th. The shares were acquired at an average price of $56.97 per share, with a total value of $6,000,080.40. Following the completion of the purchase, the insider now owns 14,964,899 shares in the company, valued at approximately $852,550,296.03. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.95% of the company’s stock.

Beacon Roofing Supply Trading Up 1.1 %

Shares of BECN opened at $55.26 on Wednesday. Beacon Roofing Supply, Inc. has a twelve month low of $45.71 and a twelve month high of $65.30. The company has a market cap of $3.60 billion, a P/E ratio of 10.16 and a beta of 1.60. The company has a current ratio of 1.92, a quick ratio of 1.10 and a debt-to-equity ratio of 1.01. The company’s fifty day simple moving average is $55.68 and its 200-day simple moving average is $56.30.

Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last announced its earnings results on Thursday, November 3rd. The company reported $2.25 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.15. Beacon Roofing Supply had a net margin of 5.52% and a return on equity of 31.40%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. As a group, analysts expect that Beacon Roofing Supply, Inc. will post 7.05 EPS for the current year.

Beacon Roofing Supply Profile

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Beacon Roofing Supply, Inc engages in the distribution of residential and non-residential roofing materials. It also distributes complementary building products including siding, windows, specialty exterior building products, insulation, and waterproofing systems for building exteriors. The company was founded on August 22, 1997 and is headquartered in Herndon, VA.