Victory Capital Management Inc. Decreases Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Victory Capital Management Inc. lessened its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 24.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,948 shares of the company’s stock after selling 7,269 shares during the period. Victory Capital Management Inc.’s holdings in Beacon Roofing Supply were worth $1,986,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in BECN. Allspring Global Investments Holdings LLC purchased a new position in shares of Beacon Roofing Supply in the first quarter worth about $26,000. PNC Financial Services Group Inc. boosted its position in shares of Beacon Roofing Supply by 145.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock valued at $30,000 after acquiring an additional 203 shares during the period. Quarry LP boosted its position in shares of Beacon Roofing Supply by 127.1% in the fourth quarter. Quarry LP now owns 402 shares of the company’s stock valued at $35,000 after acquiring an additional 225 shares during the period. Benjamin F. Edwards & Company Inc. boosted its position in shares of Beacon Roofing Supply by 28.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock valued at $52,000 after acquiring an additional 116 shares during the period. Finally, Plato Investment Management Ltd boosted its position 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 valued at $109,000 after acquiring an additional 648 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Down 1.4 %

Shares of NASDAQ BECN opened at $85.38 on Thursday. 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, Inc. has a 52 week low of $68.50 and a 52 week high of $105.42. The firm’s fifty day moving average is $89.60 and its 200 day moving average is $92.79. The company has a market cap of $5.43 billion, a price-to-earnings ratio of -135.52 and a beta of 1.55.

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 analysts’ consensus estimates of $2.79 by ($0.47). The company had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.66 earnings per share. On average, equities research analysts expect that Beacon Roofing Supply, Inc. will post 7.39 earnings per share for the current year.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, CFO Prithvi Gandhi bought 5,000 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, August 7th. The shares were purchased at an average cost 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 legal filing with the SEC, which can be accessed through this hyperlink. In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total value of $138,295.00. Following the completion of the transaction, the executive vice president now owns 320 shares of the company’s stock, valued at approximately $27,200. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Prithvi Gandhi purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the acquisition, the chief financial officer now owns 5,000 shares in the company, valued at $411,450. The disclosure for this purchase can be found here. Insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on BECN shares. JPMorgan Chase & Co. raised their price objective on shares of 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 dropped their target price 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. Stephens lowered their price objective on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Finally, Robert W. Baird lowered their price objective on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Beacon Roofing Supply currently has an average rating of “Moderate Buy” and an average price target of $111.30.

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.