Cim Investment Management Inc. Sells 634 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Cim Investment Management Inc. cut its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 19.2% in the second quarter, Holdings Channel reports. The institutional investor owned 2,665 shares of the company’s stock after selling 634 shares during the period. Cim Investment Management Inc.’s holdings in Beacon Roofing Supply were worth $241,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Beacon Roofing Supply in the second quarter valued at $326,000. Scientech Research LLC grew its holdings in Beacon Roofing Supply by 23.7% during the 2nd quarter. Scientech Research LLC now owns 5,184 shares of the company’s stock valued at $469,000 after purchasing an additional 993 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Beacon Roofing Supply by 24.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,911 shares of the company’s stock valued at $4,064,000 after purchasing an additional 8,924 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its position in Beacon Roofing Supply by 59.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,014 shares of the company’s stock worth $182,000 after purchasing an additional 747 shares during the period. Finally, Point72 Hong Kong Ltd bought a new stake in Beacon Roofing Supply in the second quarter worth about $679,000. 98.45% of the stock is currently owned by institutional investors.

Beacon Roofing Supply Price Performance

BECN opened at $87.72 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75. The business’s fifty day simple moving average is $87.97 and its 200-day simple moving average is $92.75. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of -139.24 and a beta of 1.55. 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 posted its earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.69 billion. During the same period last year, the business posted $2.66 EPS. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities research analysts anticipate that Beacon Roofing Supply, Inc. will post 7.39 earnings per share for the current fiscal year.

Insider Activity at Beacon Roofing Supply

In related news, CFO Prithvi Gandhi bought 5,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were acquired 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 owns 5,000 shares of the company’s stock, valued at $411,450. The transaction was disclosed in a document filed with the SEC, 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 stock was acquired at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the acquisition, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $411,450. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $85.00, for a total transaction of $138,295.00. Following the sale, 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 currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Stephens cut their target price on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Royal Bank of Canada cut their price objective on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Robert W. Baird decreased their target price on 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. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Moderate Buy” and an average target price 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.