Assenagon Asset Management S.A. Decreases Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Assenagon Asset Management S.A. reduced its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 36.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 133,387 shares of the company's stock after selling 76,160 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.22% of Beacon Roofing Supply worth $13,549,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Intech Investment Management LLC acquired a new position in Beacon Roofing Supply in the third quarter valued at approximately $1,441,000. Barclays PLC boosted its holdings in shares of Beacon Roofing Supply by 272.0% in the third quarter. Barclays PLC now owns 122,024 shares of the company's stock valued at $10,547,000 after acquiring an additional 89,222 shares during the period. BNP Paribas Financial Markets raised its position in Beacon Roofing Supply by 23.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company's stock valued at $3,668,000 after purchasing an additional 7,924 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Beacon Roofing Supply by 16.3% during the 3rd 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 during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Beacon Roofing Supply during the 3rd quarter worth $4,331,000. Hedge funds and other institutional investors own 98.45% of the company's stock.

Insider Buying and Selling

In other news, insider Clement Munroe Best III sold 7,037 shares of Beacon Roofing Supply stock in a transaction on Friday, November 8th. The stock was sold at an average price of $103.14, for a total value of $725,796.18. Following the completion of the sale, the insider now owns 69,449 shares of the company's stock, valued at $7,162,969.86. The trade was a 9.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the firm's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the sale, the insider now directly owns 6,531 shares in the company, valued at approximately $718,410. The trade was a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,274 shares of company stock worth $1,578,146. 1.30% of the stock is owned by corporate insiders.

Beacon Roofing Supply Price Performance

Shares of Beacon Roofing Supply stock traded up $1.32 during trading on Friday, hitting $115.92. 1,159,010 shares of the company were exchanged, compared to its average volume of 456,673. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply, Inc. has a fifty-two week low of $77.54 and a fifty-two week high of $121.22. The firm has a 50 day moving average price of $106.65 and a 200 day moving average price of $96.12. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 19.82 and a beta of 1.61.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on BECN shares. Royal Bank of Canada increased their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Robert W. Baird lifted their target price 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. BMO Capital Markets upped their price target on Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an "outperform" rating in a research note on Thursday. StockNews.com lowered shares of Beacon Roofing Supply from a "hold" rating to a "sell" rating in a research report on Thursday. Finally, 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 note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $121.11.

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.