State of New Jersey Common Pension Fund D reduced its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) by 9.4% during the 1st quarter, Holdings Channel reports. The fund owned 45,543 shares of the company’s stock after selling 4,737 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Beacon Roofing Supply were worth $2,700,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Jackson Creek Investment Advisors LLC boosted its stake in shares of Beacon Roofing Supply by 6.7% in the 1st quarter. Jackson Creek Investment Advisors LLC now owns 23,155 shares of the company’s stock valued at $1,373,000 after buying an additional 1,446 shares during the period. Iridian Asset Management LLC CT increased its position in shares of Beacon Roofing Supply by 2.6% in the 1st quarter. Iridian Asset Management LLC CT now owns 961,200 shares of the company’s stock valued at $56,980,000 after purchasing an additional 24,628 shares during the last quarter. FourThought Financial LLC raised its holdings in shares of Beacon Roofing Supply by 10.2% in the 1st quarter. FourThought Financial LLC now owns 2,657 shares of the company’s stock valued at $158,000 after purchasing an additional 245 shares in the last quarter. Nisa Investment Advisors LLC purchased a new stake in shares of Beacon Roofing Supply during the 1st quarter worth $136,000. Finally, Sciencast Management LP purchased a new position in Beacon Roofing Supply in the first quarter valued at $663,000.
Insider Activity at Beacon Roofing Supply
In other news, major shareholder Cd&R Investment Associates Ix, purchased 103,931 shares of Beacon Roofing Supply stock in a transaction dated Friday, July 29th. The stock was acquired at an average cost of $57.73 per share, for a total transaction of $5,999,936.63. Following the acquisition, the insider now directly owns 14,859,579 shares in the company, valued at $857,843,495.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
BECN has been the topic of several research analyst reports. Wells Fargo & Company cut their price target on shares of Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 28th. Royal Bank of Canada lowered Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $70.00 to $58.00 in a report on Wednesday, June 22nd. William Blair downgraded shares of Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 19th. JPMorgan Chase & Co. reduced their price target on shares of Beacon Roofing Supply from $66.00 to $59.00 in a research report on Friday, July 15th. Finally, Robert W. Baird lifted their price target on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday, …….