American Trust Cuts Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

American Trust cut its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 8.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,841 shares of the company’s stock after selling 458 shares during the quarter. American Trust’s holdings in Beacon Roofing Supply were worth $475,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BECN. SG Americas Securities LLC purchased a new position in Beacon Roofing Supply in the fourth quarter valued at about $501,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Beacon Roofing Supply during the fourth quarter worth about $952,000. Arizona State Retirement System increased its position in shares of Beacon Roofing Supply by 3.8% during the fourth quarter. Arizona State Retirement System now owns 14,993 shares of the company’s stock worth $1,305,000 after acquiring an additional 551 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Beacon Roofing Supply by 46.1% during the fourth quarter. New York State Teachers Retirement System now owns 5,190 shares of the company’s stock worth $452,000 after acquiring an additional 1,638 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Beacon Roofing Supply by 8.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,137 shares of the company’s stock worth $2,274,000 after acquiring an additional 2,112 shares during the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BECN. Benchmark began coverage on Beacon Roofing Supply in a research report on Thursday, April 18th. They set a “buy” rating and a $135.00 target price on the stock. BMO Capital Markets boosted their price objective on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. boosted 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 lowered their price objective on Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a report on Friday. Finally, Royal Bank of Canada lowered their price objective on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a report on Friday. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $111.00.

Insider Buying and Selling

In related news, EVP Christopher Carl Nelson sold 2,955 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $91.11, for a total transaction of $269,230.05. Following the sale, the executive vice president now owns 320 shares of the company’s stock, valued at $29,155.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.

Beacon Roofing Supply Stock Performance

BECN stock traded down $12.87 during midday trading on Friday, reaching $85.40. The company had a trading volume of 2,831,446 shares, compared to its average volume of 673,079. 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 has a 50 day moving average price of $95.34 and a 200 day moving average price of $92.72. Beacon Roofing Supply, Inc. has a fifty-two week low of $68.50 and a fifty-two week high of $105.42. The firm has a market capitalization of $5.43 billion, a PE ratio of -135.56 and a beta of 1.58.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.47). The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.69 billion. Beacon Roofing Supply had a return on equity of 25.83% and a net margin of 4.11%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.66 earnings per share. Analysts anticipate that Beacon Roofing Supply, Inc. will post 7.79 earnings per share for the current 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.