Bank of New York Mellon Corp Grows Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Bank of New York Mellon Corp increased its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 20.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 315,893 shares of the company’s stock after purchasing an additional 53,558 shares during the quarter. Bank of New York Mellon Corp’s holdings in Beacon Roofing Supply were worth $28,588,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of BECN. SummerHaven Investment Management LLC raised its stake in shares of Beacon Roofing Supply by 1.8% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,874 shares of the company’s stock worth $803,000 after buying an additional 156 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its position in Beacon Roofing Supply by 45.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 3,239 shares of the company’s stock worth $293,000 after buying an additional 1,012 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Beacon Roofing Supply by 6.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 811,047 shares of the company’s stock worth $73,400,000 after acquiring an additional 49,040 shares during the last quarter. Raymond James & Associates lifted its position in shares of Beacon Roofing Supply by 471.8% in the second quarter. Raymond James & Associates now owns 42,029 shares of the company’s stock valued at $3,804,000 after acquiring an additional 34,679 shares in the last quarter. Finally, Boston Partners increased its position in Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after purchasing an additional 569,627 shares in the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Christopher Carl Nelson sold 2,955 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $91.11, for a total value of $269,230.05. Following the sale, the executive vice president now directly owns 320 shares of the company’s stock, valued at $29,155.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Prithvi Gandhi bought 5,000 shares of Beacon Roofing Supply stock in a transaction on Wednesday, August 7th. The shares were bought at an average price of $82.29 per share, with a total value of $411,450.00. Following the acquisition, the chief financial officer now directly owns 5,000 shares in the company, valued at approximately $411,450. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christopher Carl Nelson sold 2,955 shares of Beacon Roofing Supply stock in a transaction that occurred on 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 disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

BECN has been the topic of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Stephens reduced their target price on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Royal Bank of Canada dropped their price target on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Robert W. Baird reduced their price objective on Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $111.30.

Beacon Roofing Supply Stock Down 4.9 %

Shares of NASDAQ:BECN opened at $86.13 on Wednesday. The company has a market capitalization of $5.33 billion, a price-to-earnings ratio of -136.71 and a beta of 1.58. The company has a 50 day moving average of $90.98 and a two-hundred day moving average of $93.10. Beacon Roofing Supply, Inc. has a 52-week low of $68.50 and a 52-week high of $105.42. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.66 EPS. As a group, analysts forecast that Beacon Roofing Supply, Inc. will post 7.46 earnings per share for the current fiscal year.

Beacon Roofing Supply 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.