Victory Capital Management Inc. Sells 11,094 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Victory Capital Management Inc. lessened its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 50.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,854 shares of the company’s stock after selling 11,094 shares during the quarter. Victory Capital Management Inc.’s holdings in Beacon Roofing Supply were worth $938,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BECN. Boston Partners increased its holdings in shares of Beacon Roofing Supply by 79.6% in the first quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after acquiring an additional 569,627 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Beacon Roofing Supply by 6.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 811,047 shares of the company’s stock worth $73,400,000 after acquiring an additional 49,040 shares in the last quarter. WCM Investment Management LLC increased its holdings in shares of Beacon Roofing Supply by 1.6% in the third quarter. WCM Investment Management LLC now owns 524,985 shares of the company’s stock worth $46,052,000 after acquiring an additional 8,054 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Beacon Roofing Supply in the second quarter worth about $39,606,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Beacon Roofing Supply by 20.4% in the second quarter. Bank of New York Mellon Corp now owns 315,893 shares of the company’s stock worth $28,588,000 after acquiring an additional 53,558 shares in the last quarter. Institutional investors own 98.45% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Royal Bank of Canada upped their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Stephens reaffirmed an “equal weight” rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. JPMorgan Chase & Co. upped their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Robert W. Baird upped their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Benchmark reaffirmed a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $118.00.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ BECN opened at $112.79 on Thursday. The stock has a 50 day moving average price of $95.55 and a 200 day moving average price of $93.22. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 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 stock has a market capitalization of $6.98 billion, a PE ratio of 19.15 and a beta of 1.54.

Insider Activity

In other news, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $103.14, for a total value of $725,796.18. Following the completion of the sale, the insider now directly owns 69,449 shares of the company’s stock, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were 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. The trade was a 28.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,874 shares of company stock valued at $1,812,146 over the last three months. Insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Company 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.