Acadian Asset Management LLC Increases Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Acadian Asset Management LLC lifted its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 15.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 374,276 shares of the company’s stock after purchasing an additional 49,634 shares during the period. Acadian Asset Management LLC’s holdings in Beacon Roofing Supply were worth $36,671,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Caprock Group LLC increased its stake in Beacon Roofing Supply by 1.3% in the 1st quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock worth $860,000 after acquiring an additional 111 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in Beacon Roofing Supply by 28.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock valued at $52,000 after purchasing an additional 116 shares in the last quarter. Summit Trail Advisors LLC lifted its position in Beacon Roofing Supply by 1.9% during the fourth quarter. Summit Trail Advisors LLC now owns 6,555 shares of the company’s stock valued at $570,000 after purchasing an additional 121 shares during the last quarter. SummerHaven Investment Management LLC grew its stake in Beacon Roofing Supply by 1.5% in the 4th quarter. SummerHaven Investment Management LLC now owns 8,607 shares of the company’s stock worth $749,000 after buying an additional 129 shares in the last quarter. Finally, QRG Capital Management Inc. increased its holdings in shares of Beacon Roofing Supply by 1.5% in the 1st quarter. QRG Capital Management Inc. now owns 10,475 shares of the company’s stock worth $1,027,000 after buying an additional 157 shares during the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Beacon Roofing Supply

In other news, EVP Christopher Carl Nelson sold 2,955 shares of Beacon Roofing Supply stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $91.11, for a total value of $269,230.05. Following the completion of the transaction, the executive vice president now owns 320 shares of the company’s stock, valued at approximately $29,155.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Trading Up 1.2 %

Shares of Beacon Roofing Supply stock traded up $1.15 during trading on Monday, reaching $97.99. 253,190 shares of the stock were exchanged, compared to its average volume of 694,268. Beacon Roofing Supply, Inc. has a 1 year low of $68.50 and a 1 year high of $103.75. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of -154.27 and a beta of 1.58. The company has a quick ratio of 1.02, a current ratio of 1.87 and a debt-to-equity ratio of 1.47. The stock’s fifty day moving average is $95.01 and its 200 day moving average is $91.94.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.88 billion. Beacon Roofing Supply had a return on equity of 26.39% and a net margin of 4.47%. As a group, equities research analysts expect that Beacon Roofing Supply, Inc. will post 7.79 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BECN has been the subject of a number of research analyst reports. BMO Capital Markets lifted their price objective on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Benchmark assumed coverage on Beacon Roofing Supply in a report on Thursday, April 18th. They issued a “buy” rating and a $135.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on Beacon Roofing Supply from $100.00 to $117.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. Robert W. Baird upped their target price on Beacon Roofing Supply from $115.00 to $117.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Finally, Truist Financial lifted their price target on shares of Beacon Roofing Supply from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $109.45.

Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company 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.