Posted by admin on Aug 16th, 2022
Russell Investments Group Ltd. cut its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) by 45.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,770 shares of the company’s stock after selling 28,276 shares during the period. Russell Investments Group Ltd.’s holdings in Beacon Roofing Supply were worth $2,002,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Beacon Roofing Supply during the 4th quarter valued at $1,394,000. Citigroup Inc. raised 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 acquiring an additional 5,447 shares in the last quarter. Frontier Capital Management Co. LLC raised 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 acquiring an additional 9,922 shares in the last quarter. Barclays PLC grew its stake in Beacon Roofing Supply by 110.2% during the 4th quarter. Barclays PLC now owns 91,584 shares of the company’s stock worth $5,253,000 after buying an additional 48,008 shares during the last quarter. Finally, Ironwood Investment Management LLC grew its stake in Beacon Roofing Supply by 1.4% during the 4th quarter. Ironwood Investment Management LLC now owns 29,938 shares of the company’s stock worth $1,717,000 after buying an additional 427 shares during the last quarter.
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, purchased 103,931 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, July 29th. The stock was bought at an average price of $57.73 per share, with a total value of $5,999,936.63. Following the acquisition, the insider now owns 14,859,579 shares of the company’s stock, valued at approximately $857,843,495.67. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.95% of the stock is currently owned by insiders.
Several research firms have weighed in on BECN. William Blair downgraded Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 19th. Wells Fargo & Company dropped their price target on Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 28th. JPMorgan Chase & Co. lowered their target price on Beacon Roofing Supply from $66.00 to $59.00 in a research note on Friday, July 15th. Stephens lowered their target price on Beacon Roofing Supply from $72.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Monday, August 8th. Finally, Robert W. Baird upped their target price on Beacon Roofing Supply from $74.00 to $83.00 in a research note on Friday, May 6th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $62.43.
NASDAQ BECN opened at $60.52 on Tuesday. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 12.85 and a beta of 1.79. Beacon Roofing Supply, Inc. has a twelve month low of $45.71 and a twelve month high of $65.30. The company has a current ratio of 1.91, a quick ratio of 1.02 and a debt-to-equity ratio of 1.24. The stock has a 50-day moving average of $56.20 and a 200 day moving average of $58.14.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported $2.80 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.44. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Beacon Roofing Supply had a return on equity of 29.19% and a net margin of 5.25%. Beacon Roofing Supply’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.59 EPS. Sell-side analysts anticipate that Beacon Roofing Supply, Inc. will post 6.73 EPS for the current fiscal year.
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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