Principal Financial Group Inc. Trims Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Principal Financial Group Inc. decreased its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 89.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BECN. Boston Partners boosted its stake in shares of 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 purchasing an additional 569,627 shares during the period. Driehaus Capital Management LLC bought a new position in Beacon Roofing Supply in the 2nd quarter worth about $39,606,000. Zimmer Partners LP purchased a new position in shares of Beacon Roofing Supply during the first quarter worth approximately $35,777,000. Point72 Asset Management L.P. bought a new stake in shares of Beacon Roofing Supply during the second quarter valued at approximately $27,566,000. Finally, Interval Partners LP raised its stake in shares of 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 acquiring an additional 86,315 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on BECN. Stephens restated an "equal weight" rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. JPMorgan Chase & Co. lifted their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an "overweight" rating in a report on Tuesday, November 19th. Benchmark reiterated a "buy" rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Robert W. Baird raised their target price 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. Finally, 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. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $118.00.

Beacon Roofing Supply Stock Up 1.4 %

Shares of NASDAQ BECN traded up $1.59 during trading hours on Monday, hitting $113.77. 883,261 shares of the stock were exchanged, compared to its average volume of 732,084. Beacon Roofing Supply, Inc. has a 12 month low of $77.54 and a 12 month high of $116.30. The firm has a fifty day moving average price of $94.45 and a 200-day moving average price of $92.94. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The company has a market cap of $7.04 billion, a PE ratio of 19.48 and a beta of 1.54.

Insider Transactions at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 2,600 shares of the business's stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the sale, the insider now owns 9,131 shares in the company, valued at approximately $821,790. The trade was a 22.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 shares were 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 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 17,874 shares of company stock valued at $1,812,146. Corporate insiders own 1.30% of the company's stock.

Beacon Roofing Supply 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.