Comerica Bank Acquires 47,028 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Comerica Bank lifted its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 109.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,967 shares of the company’s stock after buying an additional 47,028 shares during the quarter. Comerica Bank’s holdings in Beacon Roofing Supply were worth $8,818,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Caprock Group LLC lifted its holdings in shares of Beacon Roofing Supply by 1.3% in the first quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock worth $860,000 after buying an additional 111 shares in 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 raised its stake in Beacon Roofing Supply by 1.9% in 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 in the last quarter. SummerHaven Investment Management LLC raised its stake in Beacon Roofing Supply by 1.5% in the fourth quarter. SummerHaven Investment Management LLC now owns 8,607 shares of the company’s stock valued at $749,000 after purchasing an additional 129 shares in the last quarter. Finally, QRG Capital Management Inc. raised its stake in Beacon Roofing Supply by 1.5% in the first quarter. QRG Capital Management Inc. now owns 10,475 shares of the company’s stock valued at $1,027,000 after purchasing an additional 157 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Beacon Roofing Supply

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BECN. Robert W. Baird lowered their target price on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a research note on Friday. BMO Capital Markets raised their target price on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. increased their price target on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. StockNews.com downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Finally, Benchmark initiated coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They set a “buy” rating and a $135.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $109.27.

Beacon Roofing Supply Trading Down 11.2 %

Shares of NASDAQ BECN traded down $10.99 during mid-day trading on Friday, hitting $87.28. The stock had a trading volume of 1,278,217 shares, compared to its average volume of 701,935. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.02 and a current ratio of 1.87. Beacon Roofing Supply, Inc. has a 1 year low of $68.50 and a 1 year high of $105.42. The business has a 50 day moving average price of $95.58 and a two-hundred day moving average price of $92.71. The firm has a market cap of $5.55 billion, a P/E ratio of -138.00 and a beta of 1.58.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Thursday, August 1st. The company reported $1.99 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.80). The firm had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.39% and a net margin of 4.47%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.66 earnings per share. On average, equities analysts anticipate that Beacon Roofing Supply, Inc. will post 7.79 EPS for the current fiscal year.

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.