Citigroup Inc. Raises Stock Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Citigroup Inc. raised its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 1,192.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 513,692 shares of the company's stock after buying an additional 473,937 shares during the period. Citigroup Inc. owned about 0.83% of Beacon Roofing Supply worth $44,398,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. raised its holdings in Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company's stock worth $28,000 after purchasing an additional 211 shares during the period. GAMMA Investing LLC increased its holdings in Beacon Roofing Supply by 154.0% in the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company's stock worth $63,000 after acquiring an additional 445 shares in the last quarter. Central Pacific Bank Trust Division raised its stake in Beacon Roofing Supply by 66.7% during the 3rd quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company's stock worth $108,000 after acquiring an additional 500 shares during the period. Plato Investment Management Ltd lifted its holdings in Beacon Roofing Supply by 140.3% during the first quarter. Plato Investment Management Ltd now owns 1,110 shares of the company's stock valued at $109,000 after purchasing an additional 648 shares in the last quarter. Finally, Huntington National Bank increased its stake in shares of Beacon Roofing Supply by 14.1% in the third quarter. Huntington National Bank now owns 1,668 shares of the company's stock worth $144,000 after purchasing an additional 206 shares in the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Clement Munroe Best III sold 5,637 shares of the stock in a transaction on Wednesday, November 6th. The stock was 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 represents a 7.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 of the company's stock, valued at approximately $718,410. This represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,874 shares of company stock valued at $1,812,146 over the last 90 days. Corporate insiders own 1.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BECN. Royal Bank of Canada lifted their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Benchmark reissued a "buy" rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Robert W. Baird lifted 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 report on Wednesday, October 16th. Stephens reaffirmed an "equal weight" rating and set a $103.00 target price on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Finally, JPMorgan Chase & Co. boosted 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 note on Tuesday, November 19th. Three equities 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, the stock has an average rating of "Moderate Buy" and an average target price of $118.00.

Beacon Roofing Supply Trading Up 1.4 %

Shares of NASDAQ:BECN traded up $1.59 during trading hours on Monday, hitting $113.77. 870,297 shares of the company's stock traded hands, compared to its average volume of 732,082. Beacon Roofing Supply, Inc. has a 1 year low of $77.54 and a 1 year 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 $7.04 billion, a P/E ratio of 19.48 and a beta of 1.54. The business has a fifty day moving average price of $94.45 and a 200-day moving average price of $92.94.

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.