Principal Financial Group Inc. Sells 48,924 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Principal Financial Group Inc. lowered its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 89.4% in the 3rd quarter, HoldingsChannel.com reports. 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 filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of BECN. Boston Partners increased its holdings in Beacon Roofing Supply by 79.6% during the first quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after buying an additional 569,627 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of Beacon Roofing Supply in the 2nd quarter worth $39,606,000. Zimmer Partners LP bought a new position in Beacon Roofing Supply in the 1st quarter worth $35,777,000. Point72 Asset Management L.P. bought a new position in Beacon Roofing Supply in the 2nd quarter worth $27,566,000. Finally, Interval Partners LP lifted its position in Beacon Roofing Supply by 67.4% during the first quarter. Interval Partners LP now owns 214,352 shares of the company’s stock valued at $21,011,000 after purchasing an additional 86,315 shares in the last quarter. Institutional investors own 98.45% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BECN. Stephens reissued an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Benchmark reissued a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Royal Bank of Canada raised their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. upped their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Finally, Robert W. Baird increased their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $118.00.

Insiders Place Their Bets

In related 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 completion of the sale, the insider now owns 6,531 shares of the company’s stock, valued at $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction that occurred on 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 owns 69,449 shares in the company, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,874 shares of company stock valued at $1,812,146. Insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Price Performance

Shares of BECN stock opened at $112.18 on Monday. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 19.18 and a beta of 1.54. 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 $94.45 and its 200-day simple moving average is $92.94. Beacon Roofing Supply, Inc. has a fifty-two week low of $77.54 and a fifty-two week high of $116.30.

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.