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

Victory Capital Management Inc. reduced its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 50.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,854 shares of the company's stock after selling 11,094 shares during the period. Victory Capital Management Inc.'s holdings in Beacon Roofing Supply were worth $938,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Boston Partners raised its holdings in shares of Beacon Roofing Supply by 79.6% during the first quarter. Boston Partners now owns 1,285,239 shares of the company's stock valued at $126,082,000 after purchasing an additional 569,627 shares during the last quarter. Bayesian Capital Management LP purchased a new position in shares of Beacon Roofing Supply in the 1st quarter worth $572,000. Janus Henderson Group PLC grew its holdings in shares of Beacon Roofing Supply by 34.7% in the first quarter. Janus Henderson Group PLC now owns 34,673 shares of the company's stock worth $3,396,000 after acquiring an additional 8,932 shares during the period. Comerica Bank increased its position in Beacon Roofing Supply by 109.5% during the first quarter. Comerica Bank now owns 89,967 shares of the company's stock valued at $8,818,000 after acquiring an additional 47,028 shares during the last quarter. Finally, Fiera Capital Corp purchased a new stake in Beacon Roofing Supply during the third quarter valued at $1,723,000. 98.45% of the stock is owned by institutional investors.

Beacon Roofing Supply Price Performance

Shares of BECN stock traded up $0.27 during mid-day trading on Thursday, hitting $112.79. The company had a trading volume of 396,487 shares, compared to its average volume of 729,751. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The stock's 50 day moving average price is $96.10 and its 200-day moving average price is $93.36. Beacon Roofing Supply, Inc. has a 52-week low of $77.54 and a 52-week high of $116.30. The company has a market capitalization of $6.98 billion, a P/E ratio of 19.28 and a beta of 1.54.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Stephens reissued an "equal weight" rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Robert W. Baird lifted their price target on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. Benchmark restated a "buy" rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. JPMorgan Chase & Co. lifted their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an "overweight" rating in a research report on Tuesday, November 19th. Finally, 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 research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, Beacon Roofing Supply has a consensus rating of "Moderate Buy" and a consensus target price of $118.00.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the business's stock in a transaction on Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the transaction, the insider now owns 9,131 shares in the company, valued at $821,790. The trade was a 22.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Clement Munroe Best III sold 5,637 shares of the firm'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 sale, the insider now owns 69,514 shares of the company's stock, valued at $6,984,071.58. This trade represents a 7.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,874 shares of company stock worth $1,812,146 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

About Beacon Roofing Supply

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.