Citigroup Inc. Grows Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Citigroup Inc. boosted its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 1,192.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 513,692 shares of the company’s stock after acquiring an additional 473,937 shares during the period. Citigroup Inc. owned about 0.83% of Beacon Roofing Supply worth $44,398,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Eagle Asset Management Inc. grew its stake in shares of Beacon Roofing Supply by 2.3% during the 3rd quarter. Eagle Asset Management Inc. now owns 142,980 shares of the company’s stock valued at $12,358,000 after buying an additional 3,156 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Beacon Roofing Supply by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 603,748 shares of the company’s stock valued at $52,182,000 after buying an additional 5,497 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at $1,441,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at $4,331,000. Finally, Thrivent Financial for Lutherans grew its stake in shares of Beacon Roofing Supply by 1.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 162,694 shares of the company’s stock valued at $14,061,000 after buying an additional 2,284 shares during the period. 98.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on BECN. Stephens reissued an “equal weight” rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report 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. JPMorgan Chase & Co. upped their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Finally, Robert W. Baird upped their price target on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.00.

Beacon Roofing Supply Stock Performance

Shares of BECN stock opened at $112.18 on Monday. Beacon Roofing Supply, Inc. has a 12 month low of $77.54 and a 12 month high of $116.30. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The firm has a market capitalization of $6.94 billion, a P/E ratio of 19.18 and a beta of 1.54. The company’s fifty day moving average price is $94.45 and its two-hundred day moving average price is $92.94.

Insiders Place Their Bets

In other news, insider Jason L. Taylor sold 2,600 shares of the company’s 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 sale, the insider now owns 6,531 shares in the company, valued at approximately $718,410. This represents a 28.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Clement Munroe Best III sold 5,637 shares of the company’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 completion of the sale, the insider now owns 69,514 shares in the company, valued at approximately $6,984,071.58. This trade represents a 7.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,874 shares of company stock worth $1,812,146 in the last quarter. 1.30% of the stock is owned by corporate insiders.

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.