Wolverine Asset Management LLC Trims Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Wolverine Asset Management LLC trimmed its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 88.1% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 5,000 shares of the company's stock after selling 37,000 shares during the quarter. Wolverine Asset Management LLC's holdings in Beacon Roofing Supply were worth $432,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new stake in Beacon Roofing Supply during the 1st quarter worth about $26,000. Blue Trust Inc. lifted its position in shares of Beacon Roofing Supply by 222.1% in the third quarter. Blue Trust Inc. now owns 306 shares of the company's stock worth $28,000 after buying an additional 211 shares during the last quarter. GAMMA Investing LLC grew its holdings in Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company's stock valued at $63,000 after purchasing an additional 445 shares during the last quarter. Plato Investment Management Ltd boosted its position in shares of Beacon Roofing Supply by 140.3% in the first quarter. Plato Investment Management Ltd now owns 1,110 shares of the company's stock valued at $109,000 after acquiring an additional 648 shares during the period. Finally, Central Pacific Bank Trust Division increased its position in shares of Beacon Roofing Supply by 66.7% during the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company's stock valued at $108,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 98.45% of the company's stock.

Beacon Roofing Supply Price Performance

NASDAQ BECN traded down $1.43 on Thursday, hitting $100.95. 785,764 shares of the company's stock were exchanged, compared to its average volume of 714,532. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 week high of $105.84. The stock has a 50-day moving average of $90.89 and a 200-day moving average of $92.44. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock has a market cap of $6.25 billion, a price-to-earnings ratio of 17.26 and a beta of 1.54.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BECN. Stephens reduced their target price on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Monday, August 5th. Benchmark reaffirmed a "buy" rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Royal Bank of Canada increased their target price on shares of 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. boosted their target price on shares of Beacon Roofing Supply from $110.00 to $119.00 and gave the stock an "overweight" rating in a report on Thursday, November 7th. Finally, Robert W. Baird upped their target price 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. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $115.22.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 7,037 shares of the firm's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $103.14, for a total transaction of $725,796.18. Following the completion of the transaction, the insider now owns 69,449 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction on Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the transaction, the insider now directly owns 9,131 shares of the company's stock, valued at $821,790. This represents a 22.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,274 shares of company stock worth $1,526,146 over the last 90 days. 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.