Choreo LLC Increases Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Choreo LLC raised its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 30.6% during the 4th quarter, HoldingsChannel reports. The firm owned 10,183 shares of the company’s stock after acquiring an additional 2,383 shares during the quarter. Choreo LLC’s holdings in Beacon Roofing Supply were worth $1,014,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Trust Point Inc. acquired a new stake in shares of Beacon Roofing Supply in the fourth quarter valued at about $200,000. Mount Yale Investment Advisors LLC purchased a new position in Beacon Roofing Supply in the 4th quarter worth approximately $205,000. KBC Group NV grew its position in Beacon Roofing Supply by 45.0% in the fourth quarter. KBC Group NV now owns 2,505 shares of the company’s stock valued at $254,000 after acquiring an additional 777 shares in the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Beacon Roofing Supply during the fourth quarter valued at approximately $210,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Beacon Roofing Supply by 16.3% during the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock worth $30,849,000 after purchasing an additional 49,902 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Performance

BECN stock opened at $119.70 on Monday. The stock’s 50 day simple moving average is $109.63 and its 200 day simple moving average is $98.69. Beacon Roofing Supply, Inc. has a 12-month low of $77.54 and a 12-month high of $121.42. The firm has a market cap of $7.41 billion, a P/E ratio of 20.46 and a beta of 1.62. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Insiders Place Their Bets

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BECN has been the subject of a number of recent analyst reports. BMO Capital Markets raised their price target on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a report on Thursday, January 16th. Royal Bank of Canada raised their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Stephens reiterated an “equal weight” rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Robert W. Baird raised their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upped their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Beacon Roofing Supply presently has an average rating of “Hold” and a consensus 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.