Federated Hermes Inc. Trims Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Federated Hermes Inc. lowered its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 0.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 84,421 shares of the company’s stock after selling 253 shares during the period. Federated Hermes Inc. owned about 0.13% of Beacon Roofing Supply worth $7,640,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of research analysts have commented on BECN shares. Royal Bank of Canada reduced their target price on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. increased their target price on Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. Robert W. Baird dropped their price target on Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Stephens dropped their price target on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $111.30.

Beacon Roofing Supply Stock Up 2.4 %

BECN opened at $86.58 on Wednesday. Beacon Roofing Supply, Inc. has a 12 month low of $68.50 and a 12 month high of $105.42. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.90 and a quick ratio of 1.09. The stock has a market cap of $5.36 billion, a P/E ratio of -137.43 and a beta of 1.55. The stock’s 50 day moving average price is $89.72 and its 200 day moving average price is $92.84.

Beacon Roofing Supply (NASDAQ:BECN) last posted its 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 net margin of 4.11% and a return on equity of 26.02%. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. During the same quarter in the prior year, the business earned $2.66 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. As a group, research analysts predict that Beacon Roofing Supply, Inc. will post 7.39 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

In other news, CFO Prithvi Gandhi purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was purchased at an average cost of $82.29 per share, with a total value of $411,450.00. Following the purchase, the chief financial officer now owns 5,000 shares in the company, valued at approximately $411,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Prithvi Gandhi purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was purchased at an average cost of $82.29 per share, with a total value of $411,450.00. Following the purchase, the chief financial officer now owns 5,000 shares in the company, valued at approximately $411,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $85.00, for a total value of $138,295.00. Following the transaction, the executive vice president now directly owns 320 shares of the company’s stock, valued at $27,200. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

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.