Harvey Investment Co. LLC Purchases New Shares in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Harvey Investment Co. LLC acquired a new stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,000 shares of the company’s stock, valued at approximately $203,000.

A number of other large investors have also modified their holdings of BECN. Quarry LP increased its stake in shares of Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. Blue Trust Inc. grew its holdings in Beacon Roofing Supply by 222.1% in the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after purchasing an additional 211 shares during the period. Harvest Fund Management Co. Ltd purchased a new stake in shares of Beacon Roofing Supply in the third quarter valued at approximately $28,000. GAMMA Investing LLC raised its stake 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 worth $63,000 after buying an additional 445 shares during the period. Finally, Huntington National Bank lifted its position in shares of Beacon Roofing Supply by 14.1% during the 3rd quarter. Huntington National Bank now owns 1,668 shares of the company’s stock valued at $144,000 after buying an additional 206 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Insider Activity

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction that occurred on 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 owns 6,531 shares of the company’s stock, valued at approximately $718,410. The trade was a 28.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Stock Performance

NASDAQ BECN opened at $120.50 on Friday. Beacon Roofing Supply, Inc. has a fifty-two week low of $77.54 and a fifty-two week high of $121.42. The firm has a market capitalization of $7.46 billion, a P/E ratio of 20.60 and a beta of 1.62. The stock’s fifty day moving average is $109.34 and its two-hundred day moving average is $98.37. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BECN. 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. Stifel Nicolaus cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their target price for the stock from $131.00 to $122.55 in a research note on Friday. Royal Bank of Canada raised their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. StockNews.com initiated coverage on Beacon Roofing Supply in a research note on Wednesday. They set a “sell” rating for the company. Finally, BMO Capital Markets raised their target price on Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Beacon Roofing Supply currently has a consensus rating of “Hold” and an average price target of $120.17.

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.