Oak Ridge Investments LLC reduced its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 8.2% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 335,489 shares of the company’s stock after selling 29,784 shares during the quarter. Oak Ridge Investments LLC owned 0.49% of Beacon Roofing Supply worth $12,141,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Iridian Asset Management LLC CT bought a new position in shares of Beacon Roofing Supply during the 2nd quarter valued at about $57,840,000. Glenmede Trust Co. NA increased its position in shares of Beacon Roofing Supply by 21,562.2% during the 2nd quarter. Glenmede Trust Co. NA now owns 831,180 shares of the company’s stock valued at $35,425,000 after purchasing an additional 827,343 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Beacon Roofing Supply by 47.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,628,136 shares of the company’s stock valued at $69,392,000 after purchasing an additional 522,722 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in shares of Beacon Roofing Supply by 15.5% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 3,748,239 shares of the company’s stock valued at $135,649,000 after purchasing an additional 502,149 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Beacon Roofing Supply by 84.4% during the 2nd quarter. Wells Fargo & Company MN now owns 941,652 shares of the company’s stock valued at $40,132,000 after purchasing an additional 430,921 shares during the last quarter.

In related news, Director Philip Knisely purchased 6,000 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, August 16th. The shares were acquired at an average cost of $37.14 per share, for a total transaction of $222,840.00. Following the transaction, the director now directly owns 6,000 shares in the company, valued at $222,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.77% of the stock is owned by company insiders.

BECN opened at $26.80 on Tuesday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.14 and a current ratio of 2.07. Beacon Roofing Supply, Inc. has a 1 year low of $24.97 and a 1 year high of $66.47. The company has a market cap of $1.85 billion, a P/E ratio of 12.29, a P/E/G ratio of 0.37 and a beta of 1.44.

BECN has been the topic of several recent research reports. Raymond James set a $45.00 price objective on Beacon Roofing Supply and gave the company a “buy” rating in a research report on Thursday, October 25th. Wedbush reiterated an “outperform” rating and set a $50.00 price objective on shares of Beacon Roofing Supply in a research report on Thursday, August 23rd. JPMorgan Chase & Co. reduced their price objective on Beacon Roofing Supply from $53.00 to $49.00 and set a “neutral” rating on the stock in a research report on Friday, August 10th. BidaskClub lowered Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research report on Friday, October 19th. Finally, Longbow Research reiterated a “buy” rating on shares of Beacon Roofing Supply in a research report on Monday, September 24th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. Beacon Roofing Supply has an average rating of “Hold” and a consensus price target of $49.53.

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About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and other accessories.

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Institutional Ownership by Quarter for Beacon Roofing Supply (NASDAQ:BECN)

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