Meritage Portfolio Management Grows Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Meritage Portfolio Management lifted its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 7.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,290 shares of the company’s stock after purchasing an additional 288 shares during the quarter. Meritage Portfolio Management’s holdings in Beacon Roofing Supply were worth $436,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. boosted its holdings in shares of Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 211 shares during the last quarter. Quarry LP boosted its holdings in shares of Beacon Roofing Supply by 180.7% during the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Beacon Roofing Supply in the third quarter valued at $28,000. GAMMA Investing LLC boosted its holdings in Beacon Roofing Supply by 154.0% in the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after acquiring an additional 445 shares during the last quarter. Finally, Huntington National Bank boosted its holdings in Beacon Roofing Supply by 14.1% in the third quarter. Huntington National Bank now owns 1,668 shares of the company’s stock valued at $144,000 after acquiring an additional 206 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Insider Transactions at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $110.00, for a total transaction of $286,000.00. Following the sale, the insider now directly owns 6,531 shares of the company’s stock, valued at approximately $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BECN. Royal Bank of Canada lifted their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Stifel Nicolaus lifted their target price on Beacon Roofing Supply from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 17th. Robert W. Baird lifted 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. StockNews.com began coverage on Beacon Roofing Supply in a report on Wednesday. They issued a “sell” rating on the stock. Finally, Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Beacon Roofing Supply currently has an average rating of “Moderate Buy” and an average price target of $121.11.

Beacon Roofing Supply Stock Up 1.3 %

Shares of NASDAQ BECN opened at $120.50 on Friday. Beacon Roofing Supply, Inc. has a 1 year low of $77.54 and a 1 year high of $121.42. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of 20.60 and a beta of 1.62. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The stock’s 50-day simple moving average is $109.34 and its 200-day simple moving average is $98.37.

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.