Goldman Sachs Group Inc. Boosts Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Goldman Sachs Group Inc. lifted its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 11.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 602,287 shares of the company’s stock after buying an additional 62,690 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Beacon Roofing Supply were worth $52,411,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BECN. Quarry LP raised its position in shares of Beacon Roofing Supply by 127.1% in the 4th quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after purchasing an additional 225 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Beacon Roofing Supply in the 4th quarter worth about $36,000. Parkside Financial Bank & Trust raised its position in shares of Beacon Roofing Supply by 49.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock worth $38,000 after purchasing an additional 161 shares during the last quarter. CI Investments Inc. purchased a new position in shares of Beacon Roofing Supply in the 3rd quarter worth about $157,000. Finally, Chicago Partners Investment Group LLC purchased a new position in shares of Beacon Roofing Supply in the 4th quarter worth about $218,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BECN shares. Loop Capital lifted their price target on Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. StockNews.com lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. JPMorgan Chase & Co. boosted their target price on Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Benchmark started coverage on Beacon Roofing Supply in a research report on Thursday, April 18th. They issued a “buy” rating and a $135.00 target price for the company. Finally, Truist Financial boosted their target price on Beacon Roofing Supply from $90.00 to $95.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $109.45.

Beacon Roofing Supply Trading Down 0.9 %

Beacon Roofing Supply stock opened at $96.80 on Thursday. The business has a 50-day simple moving average of $96.48 and a two-hundred day simple moving average of $90.74. The company has a market cap of $6.16 billion, a P/E ratio of -153.65 and a beta of 1.58. Beacon Roofing Supply, Inc. has a 52-week low of $68.50 and a 52-week high of $103.75. The company has a quick ratio of 1.02, a current ratio of 1.87 and a debt-to-equity ratio of 1.47.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.88 billion. Beacon Roofing Supply had a return on equity of 26.39% and a net margin of 4.47%. Analysts predict that Beacon Roofing Supply, Inc. will post 7.79 EPS for the current year.

Insider Activity at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 3,268 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the transaction, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

About Beacon Roofing Supply

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.