Beacon Roofing Supply, Inc. (NASDAQ:BECN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 89.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,820 shares of the company’s stock after selling 48,924 shares during the quarter. Principal Financial Group Inc.’s holdings in Beacon Roofing Supply were worth $503,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Blue Trust Inc. boosted its stake in Beacon Roofing Supply by 222.1% during the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 211 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after purchasing an additional 445 shares during the last quarter. Central Pacific Bank Trust Division grew its stake in Beacon Roofing Supply by 66.7% in the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock worth $108,000 after purchasing an additional 500 shares in the last quarter. Plato Investment Management Ltd increased its holdings in Beacon Roofing Supply by 140.3% in the first quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock valued at $109,000 after buying an additional 648 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in Beacon Roofing Supply by 59.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,014 shares of the company’s stock valued at $182,000 after buying an additional 747 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Wall Street Analysts Forecast Growth

BECN has been the subject of several recent research reports. Stephens reaffirmed an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. JPMorgan Chase & Co. increased their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Benchmark reiterated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Royal Bank of Canada upped their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Robert W. Baird lifted their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $118.00.

Beacon Roofing Supply Trading Up 3.3 %

Shares of NASDAQ:BECN opened at $112.18 on Monday. The stock has a market capitalization of $6.94 billion, a PE ratio of 19.18 and a beta of 1.54. The company’s 50-day moving average price is $94.45 and its two-hundred day moving average price is $92.94. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply, Inc. has a one year low of $77.54 and a one year high of $116.30.

Insider Activity

In related news, insider Clement Munroe Best III sold 7,037 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $103.14, for a total transaction of $725,796.18. Following the completion of the transaction, the insider now directly owns 69,449 shares in the company, valued at $7,162,969.86. The trade was a 9.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $110.00, for a total transaction of $286,000.00. Following the completion of the transaction, the insider now owns 6,531 shares in the company, valued at approximately $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 17,874 shares of company stock valued at $1,812,146 in the last three months. Company insiders own 1.30% of the company’s stock.

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.