Virginia Retirement Systems ET AL reduced its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,800 shares of the company’s stock after selling 300 shares during the period. Virginia Retirement Systems ET AL’s holdings in Beacon Roofing Supply were worth $818,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of Beacon Roofing Supply in the 4th quarter worth approximately $1,394,000. Citigroup Inc. lifted its position in shares of Beacon Roofing Supply by 18.3% in the 4th quarter. Citigroup Inc. now owns 35,158 shares of the company’s stock worth $2,016,000 after purchasing an additional 5,447 shares during the period. Kendall Capital Management purchased a new stake in shares of Beacon Roofing Supply in the 4th quarter worth approximately $258,000. Frontier Capital Management Co. LLC lifted its position in shares of Beacon Roofing Supply by 0.7% in the 1st quarter. Frontier Capital Management Co. LLC now owns 1,408,741 shares of the company’s stock worth $83,510,000 after purchasing an additional 9,922 shares during the period. Finally, Barclays PLC lifted its position in shares of Beacon Roofing Supply by 110.2% in the 4th quarter. Barclays PLC now owns 91,584 shares of the company’s stock worth $5,253,000 after purchasing an additional 48,008 shares during the period.
Several equities research analysts have recently weighed in on BECN shares. Robert W. Baird upped their price target on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday, May 6th. StockNews.com started coverage on shares of Beacon Roofing Supply in a research report on Thursday, March 31st. They set a “hold” rating for the company. JPMorgan Chase & Co. decreased their target price on shares of Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating for the company in a research report on Wednesday, April 20th. Royal Bank of Canada cut shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $70.00 to $58.00 in a research report on Wednesday, June 22nd. Finally, Wells Fargo & Company decreased their target price on shares of Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 28th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $62.25.
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, acquired 102,219 shares of the business’s stock in a transaction dated Friday, April 29th. The shares were purchased at an average price of $58.70 per share, for a total transaction of $6,000,255.30. Following the completion of the purchase, the insider now directly owns 14,755,648 shares of the company’s stock, valued at $866,156,537.60. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.95% of the company’s stock.
Shares of Beacon Roofing Supply stock opened at $55.26 on Friday. The company has a current ratio of 1.85, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Beacon Roofing Supply, Inc. has a 12-month low of $45.71 and a 12-month high of $65.30. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of 15.97 and a beta of 1.78. The firm’s 50 day simple moving average is $57.92 and its two-hundred day simple moving average is $57.66.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last issued its quarterly earnings results on Thursday, May 5th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. Beacon Roofing Supply had a net margin of 4.24% and a return on equity of 26.21%. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.43 billion. On average, sell-side analysts predict that Beacon Roofing Supply, Inc. will post 6.58 EPS for the current fiscal year.
About Beacon Roofing Supply (Get Rating)
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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