Concentric Capital Strategies LP Has $15.25 Million Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Concentric Capital Strategies LP boosted its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 23.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 176,390 shares of the company’s stock after purchasing an additional 33,348 shares during the period. Beacon Roofing Supply accounts for about 0.6% of Concentric Capital Strategies LP’s portfolio, making the stock its 23rd biggest holding. Concentric Capital Strategies LP’s holdings in Beacon Roofing Supply were worth $15,245,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BECN. Intech Investment Management LLC bought a new position in shares of Beacon Roofing Supply in the 3rd quarter worth about $1,441,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Beacon Roofing Supply during the 3rd quarter valued at about $4,331,000. Vaughan Nelson Investment Management L.P. raised its stake in shares of Beacon Roofing Supply by 18.7% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock worth $83,239,000 after purchasing an additional 152,030 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of Beacon Roofing Supply by 1,192.1% in the third 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 in the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of Beacon Roofing Supply by 34.7% during the first quarter. Janus Henderson Group PLC now owns 34,673 shares of the company’s stock valued at $3,396,000 after buying an additional 8,932 shares during the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Beacon Roofing Supply Stock Up 0.2 %

NASDAQ BECN opened at $113.02 on Monday. The stock has a market cap of $6.99 billion, a PE ratio of 19.32 and a beta of 1.54. The company has a current ratio of 1.91, a quick ratio of 1.14 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’s 50 day moving average is $97.15 and its 200 day moving average is $93.57.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BECN shares. Robert W. Baird upped their price objective 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. Royal Bank of Canada lifted 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. Benchmark restated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Stephens reaffirmed an “equal weight” rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Finally, 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 research note on Tuesday, November 19th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Beacon Roofing Supply currently has an average rating of “Moderate Buy” and a consensus price target 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 dated Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the transaction, the insider now owns 6,531 shares of the company’s stock, valued at $718,410. This trade represents a 28.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Clement Munroe Best III sold 5,637 shares of the company’s stock in a transaction dated 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 transaction, 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. Over the last 90 days, insiders have sold 17,874 shares of company stock worth $1,812,146. 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.