437,637 Shares in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Acquired by Driehaus Capital Management LLC

Driehaus Capital Management LLC bought a new stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) during the second quarter, Holdings Channel.com reports. The fund bought 437,637 shares of the company’s stock, valued at approximately $39,606,000.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BECN. Robert W. Baird cut their target price on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Stephens cut their target price on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Finally, Royal Bank of Canada cut 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. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $111.30.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ:BECN opened at $87.72 on Friday. The company has a market cap of $5.58 billion, a price-to-earnings ratio of -139.24 and a beta of 1.55. The company has a 50-day moving average price of $87.97 and a 200-day moving average price of $92.75. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75. Beacon Roofing Supply, Inc. has a 12 month low of $68.50 and a 12 month high of $105.42.

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 the consensus estimate of $2.79 by ($0.47). The firm had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.69 billion. Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the company posted $2.66 earnings per share. As a group, equities analysts anticipate that Beacon Roofing Supply, Inc. will post 7.39 EPS for the current year.

Insider Activity

In related news, CFO Prithvi Gandhi purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the purchase, the chief financial officer now directly owns 5,000 shares in the company, valued at $411,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Prithvi Gandhi purchased 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the purchase, the chief financial officer now directly owns 5,000 shares in the company, valued at $411,450. The transaction was disclosed in a legal 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 dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the completion of 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. 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.