Posted by admin on Jun 24th, 2022
Wedge Capital Management L L P NC lowered its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) by 5.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 200,858 shares of the company’s stock after selling 11,155 shares during the quarter. Wedge Capital Management L L P NC owned about 0.29% of Beacon Roofing Supply worth $11,907,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in Beacon Roofing Supply by 560.5% during the 4th quarter. JPMorgan Chase & Co. now owns 2,085,625 shares of the company’s stock worth $119,611,000 after purchasing an additional 1,769,848 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in Beacon Roofing Supply during the 4th quarter worth approximately $28,544,000. Frontier Capital Management Co. LLC increased its position in Beacon Roofing Supply by 46.3% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,398,819 shares of the company’s stock worth $80,222,000 after purchasing an additional 442,700 shares in the last quarter. American Century Companies Inc. increased its position in Beacon Roofing Supply by 14.8% during the 4th quarter. American Century Companies Inc. now owns 3,337,122 shares of the company’s stock worth $191,384,000 after purchasing an additional 429,543 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its position in Beacon Roofing Supply by 9.7% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,160,787 shares of the company’s stock worth $123,921,000 after purchasing an additional 191,517 shares in the last quarter.
A number of equities analysts have weighed in on BECN shares. Wells Fargo & Company upped their price target on Beacon Roofing Supply from $59.00 to $67.00 and gave the stock an “equal weight” rating in a report on Thursday, April 21st. StockNews.com started coverage on Beacon Roofing Supply in a report on Thursday, March 31st. They issued a “hold” rating for the company. Royal Bank of Canada cut Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $70.00 to $58.00 in a report on Wednesday. Robert W. Baird upped their price target on Beacon Roofing Supply from $74.00 to $83.00 in a report on Friday, May 6th. Finally, JPMorgan Chase & Co. decreased their price target on Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating for the company in a report on Wednesday, April 20th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $63.63.
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, acquired 102,219 shares of the firm’s stock in a transaction on Friday, April 29th. The stock was purchased at an average price of $58.70 per share, with a total value of $6,000,255.30. Following the completion of the acquisition, the insider now directly owns 14,755,648 shares in the company, valued at approximately $866,156,537.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.95% of the company’s stock.
Beacon Roofing Supply stock opened at $49.50 on Friday. The stock has a market cap of $3.40 billion, a P/E ratio of 14.31 and a beta of 1.77. The company has a current ratio of 1.85, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The stock has a 50 day moving average of $59.58 and a 200-day moving average of $57.77. Beacon Roofing Supply, Inc. has a 52 week low of $45.71 and a 52 week high of $65.30.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last released its earnings results on Thursday, May 5th. The company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.49 by $0.40. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Beacon Roofing Supply had a return on equity of 26.21% and a net margin of 4.24%. As a group, equities analysts predict that Beacon Roofing Supply, Inc. will post 6.58 earnings per share for the current fiscal year.
Beacon Roofing Supply Company Profile (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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