Verition Fund Management LLC Has $1.94 Million Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Verition Fund Management LLC reduced its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 88.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,478 shares of the company's stock after selling 170,671 shares during the quarter. Verition Fund Management LLC's holdings in Beacon Roofing Supply were worth $1,943,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Intech Investment Management LLC acquired a new position in Beacon Roofing Supply during the third quarter worth about $1,441,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at approximately $4,331,000. Vaughan Nelson Investment Management L.P. lifted its stake in Beacon Roofing Supply by 18.7% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company's stock valued at $83,239,000 after purchasing an additional 152,030 shares during the last quarter. Citigroup Inc. lifted its stake 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 purchasing an additional 473,937 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Beacon Roofing Supply by 23.0% in the third quarter. BNP Paribas Financial Markets now owns 42,441 shares of the company's stock valued at $3,668,000 after buying an additional 7,924 shares in the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Beacon Roofing Supply Trading Down 1.4 %

Beacon Roofing Supply stock traded down $1.53 during mid-day trading on Friday, hitting $111.57. 494,907 shares of the stock were exchanged, compared to its average volume of 722,651. The firm's fifty day simple moving average is $99.83 and its two-hundred day simple moving average is $94.17. 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 12 month low of $77.54 and a 12 month high of $116.30. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 19.07 and a beta of 1.59.

Wall Street Analysts Forecast Growth

BECN has been the subject of several research analyst reports. Stephens reiterated an "equal weight" rating and set a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. JPMorgan Chase & Co. upped their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. Benchmark restated a "buy" rating and set a $140.00 price target on shares of Beacon Roofing Supply in a report on Friday, November 1st. Royal Bank of Canada upped their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Finally, Robert W. Baird lifted their target price on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Three investment 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 stock presently has an average rating of "Moderate Buy" and a consensus target price of $118.00.

Insider Buying and Selling

In related news, insider Jason L. Taylor sold 2,600 shares of the firm's stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the completion of the sale, the insider now owns 9,131 shares of the company's stock, valued at $821,790. This trade represents a 22.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $103.14, for a total value of $725,796.18. Following the completion of the transaction, the insider now directly owns 69,449 shares in the company, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their ownership of the stock. 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 quarter. 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.