Arizona State Retirement System Buys 1,214 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Arizona State Retirement System increased its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 7.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,757 shares of the company’s stock after buying an additional 1,214 shares during the quarter. Arizona State Retirement System’s holdings in Beacon Roofing Supply were worth $1,607,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Beacon Roofing Supply in the 1st quarter worth about $26,000. PNC Financial Services Group Inc. raised its position in Beacon Roofing Supply by 145.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after purchasing an additional 203 shares during the period. Quarry LP boosted its position in shares of Beacon Roofing Supply by 127.1% during the fourth quarter. Quarry LP now owns 402 shares of the company’s stock valued at $35,000 after buying an additional 225 shares during the period. Benjamin F. Edwards & Company Inc. grew its stake in shares of Beacon Roofing Supply by 28.4% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock valued at $52,000 after buying an additional 116 shares during the last quarter. Finally, Plato Investment Management Ltd raised its holdings in shares of Beacon Roofing Supply by 140.3% in the first quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock worth $109,000 after buying an additional 648 shares during the period. 98.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Beacon Roofing Supply Stock Performance

Shares of BECN stock opened at $80.22 on Thursday. The company’s 50 day moving average is $90.27 and its 200 day moving average is $92.97. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of -127.33 and a beta of 1.55. Beacon Roofing Supply, Inc. has a 52-week low of $68.50 and a 52-week high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.47). Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.69 billion. During the same period in the previous year, the firm posted $2.66 earnings per share. The company’s revenue was up 6.8% on a year-over-year basis. On average, sell-side analysts anticipate that Beacon Roofing Supply, Inc. will post 7.46 EPS for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other news, CFO Prithvi Gandhi acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average price of $82.29 per share, with a total value of $411,450.00. Following the transaction, the chief financial officer now directly owns 5,000 shares in the company, valued at $411,450. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Beacon Roofing Supply news, CFO Prithvi Gandhi acquired 5,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average price of $82.29 per share, with a total value of $411,450.00. Following the transaction, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $411,450. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Christopher Carl Nelson sold 2,955 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 320 shares in the company, valued at $29,155.20. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

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.