State of New Jersey Common Pension Fund D Increases Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)
State of New Jersey Common Pension Fund D lifted its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) by 6.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,300 shares of the company’s stock after purchasing an additional 2,444 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.06% of Beacon Roofing Supply worth $2,205,000 as of its most recent SEC filing.
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Several other institutional investors have also recently modified their holdings of BECN. Frontier Capital Management Co. LLC raised its stake in shares of Beacon Roofing Supply by 19.9% in the second quarter. Frontier Capital Management Co. LLC now owns 1,689,713 shares of the company’s stock worth $86,784,000 after purchasing an additional 280,972 shares during the last quarter. FMR LLC raised its position in Beacon Roofing Supply by 1.6% during the second quarter. FMR LLC now owns 10,311,211 shares of the company’s stock valued at $529,583,000 after acquiring an additional 160,181 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Beacon Roofing Supply by 4.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,806,283 shares of the company’s stock valued at $144,131,000 after acquiring an additional 106,890 shares in the last quarter. Millennium Management LLC purchased a new position in Beacon Roofing Supply during the second quarter valued at approximately $5,463,000. Finally, Captrust Financial Advisors raised its position in Beacon Roofing Supply by 457.2% during the second quarter. Captrust Financial Advisors now owns 115,430 shares of the company’s stock valued at $5,928,000 after acquiring an additional 94,713 shares in the last quarter.
Wall Street Analysts Forecast Growth
BECN has been the subject of several recent research reports. Royal Bank of Canada reduced their price target on Beacon Roofing Supply from $59.00 to $54.00 and set a “sector perform” rating for the company in a research report on Monday, November 7th. Deutsche Bank Aktiengesellschaft lifted their price target on Beacon Roofing Supply from $79.00 to $81.00 and gave the company a “buy” rating in a research report on Tuesday, January 10th. Robert W. Baird cut Beacon Roofing Supply from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $77.00 to $65.00 in a research report on Friday, October 14th. Stifel Nicolaus raised their price objective on Beacon Roofing Supply from $80.00 to $91.00 and gave the company a “buy” rating in a report on Monday, December 19th. Finally, StockNews.com started coverage on Beacon Roofing Supply in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $65.63.
Beacon Roofing Supply Stock Performance
Shares of NASDAQ:BECN opened at $54.19 on Wednesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.92 and a quick ratio of 1.10. The business’s 50 day moving average price is $56.01 and its 200-day moving average price is $56.29. The firm has a market capitalization of $3.53 billion, a PE ratio of 9.96 and a beta of 1.60. Beacon Roofing Supply, Inc. has a 1 year low of $45.71 and a 1 year high of $65.30.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last issued its quarterly earnings results on Thursday, November 3rd. The company reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.15. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. Beacon Roofing Supply had a return on equity of 31.40% and a net margin of 5.52%. As a group, equities research analysts expect that Beacon Roofing Supply, Inc. will post 7.08 earnings per share for the current fiscal year.
Insider Transactions at Beacon Roofing Supply
In other news, major shareholder Cd&R Investment Associates Ix, purchased 105,320 shares of the stock in a transaction dated Friday, October 28th. The shares were purchased at an average cost of $56.97 per share, with a total value of $6,000,080.40. Following the completion of the purchase, the insider now directly owns 14,964,899 shares of the company’s stock, valued at approximately $852,550,296.03. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.95% of the company’s stock.
Beacon Roofing Supply Profile
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It 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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