WCM Investment Management LLC reduced its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 505,432 shares of the company's stock after selling 19,553 shares during the quarter. WCM Investment Management LLC owned 0.82% of Beacon Roofing Supply worth $50,311,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in BECN. Blue Trust Inc. lifted its position in shares of Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company's stock valued at $28,000 after purchasing an additional 211 shares in the last quarter. Quarry LP lifted its position in shares of Beacon Roofing Supply by 180.7% during the third quarter. Quarry LP now owns 306 shares of the company's stock valued at $26,000 after purchasing an additional 197 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Beacon Roofing Supply during the third quarter valued at about $28,000. GAMMA Investing LLC lifted its position in shares of 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 in the last quarter. Finally, Huntington National Bank lifted its position in shares of Beacon Roofing Supply by 14.1% during the third quarter. Huntington National Bank now owns 1,668 shares of the company's stock valued at $144,000 after purchasing an additional 206 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on BECN shares. Robert W. Baird raised their price target on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. BMO Capital Markets raised their price target on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the company an "outperform" rating in a research report on Thursday, January 16th. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a research report on Wednesday. They issued a "sell" rating on the stock. Royal Bank of Canada lifted their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Finally, Zelman & Associates lowered shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Beacon Roofing Supply presently has a consensus rating of "Hold" and a consensus target price of $120.17.
Check Out Our Latest Analysis on BECN
In related news, insider Jason L. Taylor sold 2,600 shares of the business'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 transaction of $286,000.00. Following the completion of the transaction, the insider now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.30% of the company's stock.
BECN opened at $119.70 on Friday. The company has a market capitalization of $7.41 billion, a price-to-earnings ratio of 20.46 and a beta of 1.62. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The firm has a 50-day moving average price of $109.63 and a 200-day moving average price of $98.67. Beacon Roofing Supply, Inc. has a twelve month low of $77.54 and a twelve month high of $121.42.
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.
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