Beacon Roofing Supply, Inc. (NASDAQ:BECN) Position Reduced by Goldentree Asset Management LP

Goldentree Asset Management LP trimmed its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 32.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 292,153 shares of the company's stock after selling 143,307 shares during the period. Beacon Roofing Supply accounts for approximately 2.0% of Goldentree Asset Management LP's portfolio, making the stock its 17th largest position. Goldentree Asset Management LP owned about 0.47% of Beacon Roofing Supply worth $25,209,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. FMR LLC increased its stake in shares of Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company's stock worth $556,253,000 after acquiring an additional 963,633 shares during the period. Boston Partners raised its stake in shares of Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company's stock worth $126,082,000 after buying an additional 569,627 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Beacon Roofing Supply by 0.3% in the 3rd quarter. Fisher Asset Management LLC now owns 993,715 shares of the company's stock valued at $85,887,000 after buying an additional 2,607 shares during the period. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of 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 buying an additional 152,030 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Beacon Roofing Supply by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 603,748 shares of the company's stock valued at $52,182,000 after buying an additional 5,497 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company's stock.

Insider Activity

In other news, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction dated 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason L. Taylor sold 2,600 shares of the firm's stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the sale, the insider now owns 9,131 shares in the company, valued at approximately $821,790. The trade was a 22.16 % 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 in the last ninety days. Company insiders own 1.30% of the company's stock.

Analyst Ratings Changes

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

Beacon Roofing Supply Trading Up 0.2 %

Shares of BECN stock traded up $0.23 during mid-day trading on Friday, hitting $113.02. 210,883 shares of the company's stock were exchanged, compared to its average volume of 727,505. The stock has a market cap of $6.99 billion, a price-to-earnings ratio of 19.32 and a beta of 1.54. The stock has a 50-day simple moving average of $97.15 and a two-hundred day simple moving average of $93.62. Beacon Roofing Supply, Inc. has a fifty-two week low of $77.54 and a fifty-two week high of $116.30. 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 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.