Hsbc Holdings PLC Sells 44,312 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Hsbc Holdings PLC lessened its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 83.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,990 shares of the company’s stock after selling 44,312 shares during the period. Hsbc Holdings PLC’s holdings in Beacon Roofing Supply were worth $818,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Eagle Asset Management Inc. grew its stake in shares of Beacon Roofing Supply by 2.4% during the 4th quarter. Eagle Asset Management Inc. now owns 156,284 shares of the company’s stock worth $13,600,000 after acquiring an additional 3,591 shares in the last quarter. Rafferty Asset Management LLC grew its position in Beacon Roofing Supply by 40.0% in the fourth quarter. Rafferty Asset Management LLC now owns 17,877 shares of the company’s stock valued at $1,556,000 after purchasing an additional 5,108 shares in the last quarter. Quantedge Capital Pte Ltd acquired a new stake in Beacon Roofing Supply in the 4th quarter valued at $2,498,000. Vinva Investment Management Ltd bought a new stake in Beacon Roofing Supply during the 4th quarter worth about $242,000. Finally, Ratan Capital Management LP acquired a new position in shares of Beacon Roofing Supply during the 4th quarter worth about $957,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

Beacon Roofing Supply Trading Up 0.2 %

Shares of Beacon Roofing Supply stock opened at $87.72 on Monday. 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 business has a fifty day simple moving average of $87.97 and a two-hundred day simple moving average of $92.84. Beacon Roofing Supply, Inc. has a 1 year low of $68.50 and a 1 year high of $105.42. 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 (NASDAQ:BECN) last posted its earnings results 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). Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same quarter in the prior year, the business posted $2.66 EPS. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. Research analysts forecast that Beacon Roofing Supply, Inc. will post 7.39 EPS for the current year.

Wall Street Analyst Weigh In

BECN has been the topic of a number of recent research reports. Robert W. Baird lowered their target price 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. Royal Bank of Canada lowered their price target 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, Stephens cut their price objective on 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. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Moderate Buy” and an average price target of $111.30.

Insider Transactions at Beacon Roofing Supply

In other news, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the transaction, the executive vice president now owns 320 shares in the company, valued at $27,200. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Christopher Carl Nelson sold 1,627 shares of the company’s stock in a transaction dated 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 in the company, valued at $27,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Prithvi Gandhi acquired 5,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $82.29 per share, with a total value of $411,450.00. Following the purchase, the chief financial officer now directly owns 5,000 shares in the company, valued at $411,450. The disclosure for this purchase 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.