ProShare Advisors LLC Trims Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

ProShare Advisors LLC lowered its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 25.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 8,477 shares of the company’s stock after selling 2,894 shares during the quarter. ProShare Advisors LLC’s holdings in Beacon Roofing Supply were worth $767,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Beacon Roofing Supply by 14.1% in the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock worth $689,814,000 after purchasing an additional 872,216 shares during the last quarter. Frontier Capital Management Co. LLC boosted its holdings in shares of Beacon Roofing Supply by 17.3% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,126,533 shares of the company’s stock valued at $185,051,000 after acquiring an additional 314,102 shares during the last quarter. Fiduciary Management Inc. WI increased its stake in shares of Beacon Roofing Supply by 4.0% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,888,614 shares of the company’s stock worth $164,347,000 after acquiring an additional 72,472 shares during the period. Boston Partners raised its holdings in shares of Beacon Roofing Supply by 79.6% during the first quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after purchasing an additional 569,627 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its stake in shares of Beacon Roofing Supply by 6.4% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 811,047 shares of the company’s stock valued at $73,400,000 after buying an additional 49,040 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Performance

BECN opened at $87.72 on Friday. The firm’s fifty day simple moving average is $87.97 and its two-hundred day simple moving average is $92.75. Beacon Roofing Supply, Inc. has a 52-week low of $68.50 and a 52-week high of $105.42. 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 quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Thursday, August 1st. The company reported $2.32 earnings per share 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 company had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.69 billion. During the same period in the prior year, the business posted $2.66 earnings per share. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. Equities analysts anticipate that Beacon Roofing Supply, Inc. will post 7.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BECN shares. Royal Bank of Canada lowered their target price on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. 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 report on Friday, August 2nd. Finally, Stephens lowered their price target on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply has an average rating of “Moderate Buy” and a consensus price target of $111.30.

Insider Transactions at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction on 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 directly owns 320 shares of the company’s stock, valued at approximately $27,200. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Prithvi Gandhi purchased 5,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $411,450. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 320 shares of the company’s stock, valued at approximately $27,200. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Beacon Roofing Supply 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.