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

Principal Financial Group Inc. lowered its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 89.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,820 shares of the company’s stock after selling 48,924 shares during the period. Principal Financial Group Inc.’s holdings in Beacon Roofing Supply were worth $503,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Blue Trust Inc. lifted its holdings in Beacon Roofing Supply by 222.1% during the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after buying an additional 211 shares during the last quarter. Quarry LP lifted its stake in 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 approximately $28,000. GAMMA Investing LLC increased its stake 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 purchasing an additional 445 shares during the last quarter. Finally, Central Pacific Bank Trust Division increased 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 valued at $108,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Up 2.1 %

Beacon Roofing Supply stock opened at $102.60 on Monday. The stock has a 50 day moving average of $104.41 and a two-hundred day moving average of $95.05. Beacon Roofing Supply, Inc. has a twelve month low of $77.54 and a twelve month high of $116.30. The stock has a market capitalization of $6.35 billion, a price-to-earnings ratio of 17.54 and a beta of 1.61. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Insider Transactions at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 5,637 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total transaction of $566,349.39. Following the transaction, the insider now directly owns 69,514 shares in the company, valued at $6,984,071.58. The trade was a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jason L. Taylor sold 2,600 shares of the 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 transaction, the insider now directly owns 6,531 shares of the company’s stock, valued at $718,410. This represents a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,274 shares of company stock worth $1,578,146 over the last 90 days. 1.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on BECN shares. Robert W. Baird upped their target price on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Benchmark restated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. JPMorgan Chase & Co. lifted 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. Stephens reissued an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada lifted their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $117.88.

Beacon Roofing Supply Company 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.