Blueshift Asset Management LLC Takes Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Blueshift Asset Management LLC bought a new stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,630 shares of the company's stock, valued at approximately $659,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. FMR LLC increased its stake in Beacon Roofing Supply by 17.6% in the third quarter. FMR LLC now owns 6,435,880 shares of the company's stock valued at $556,253,000 after purchasing an additional 963,633 shares during the period. Boston Partners grew its holdings 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 worth $126,082,000 after buying an additional 569,627 shares during the last quarter. Citigroup Inc. increased its position in Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company's stock valued at $44,398,000 after acquiring an additional 473,937 shares during the period. Driehaus Capital Management LLC purchased a new stake in Beacon Roofing Supply during the 2nd quarter valued at approximately $39,606,000. Finally, Point72 Asset Management L.P. acquired a new stake in Beacon Roofing Supply during the 2nd quarter worth approximately $27,566,000. Hedge funds and other institutional investors own 98.45% of the company's stock.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the company's stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the sale, the insider now owns 9,131 shares of the company's stock, valued at $821,790. This represents a 22.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Clement Munroe Best III sold 5,637 shares of the stock in a transaction that occurred on 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 $6,984,071.58. This represents a 7.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,874 shares of company stock valued at $1,812,146 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.

Beacon Roofing Supply Price Performance

BECN traded up $0.27 on Thursday, hitting $112.79. 396,487 shares of the company were exchanged, compared to its average volume of 729,751. The business's fifty day moving average is $96.10 and its 200 day moving average is $93.36. Beacon Roofing Supply, Inc. has a fifty-two week low of $77.54 and a fifty-two week high of $116.30. 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 firm has a market capitalization of $6.98 billion, a P/E ratio of 19.28 and a beta of 1.54.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Benchmark reissued a "buy" rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Robert W. Baird boosted their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. raised their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 19th. Stephens reaffirmed an "equal weight" rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Finally, Royal Bank of Canada increased their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $118.00.

About Beacon Roofing Supply

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.