Squarepoint Ops LLC Cuts Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Squarepoint Ops LLC lessened its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 62.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,255 shares of the company’s stock after selling 36,541 shares during the quarter. Squarepoint Ops LLC’s holdings in Beacon Roofing Supply were worth $2,014,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BECN. Point72 Asset Management L.P. purchased a new position in shares of Beacon Roofing Supply in the second quarter worth about $27,566,000. Point72 DIFC Ltd bought a new stake in Beacon Roofing Supply in the second quarter valued at approximately $1,177,000. Xponance Inc. boosted its stake in shares of Beacon Roofing Supply by 23.0% during the second quarter. Xponance Inc. now owns 4,981 shares of the company’s stock valued at $451,000 after purchasing an additional 931 shares during the period. Bank of Montreal Can grew its holdings in shares of Beacon Roofing Supply by 50.2% in the second quarter. Bank of Montreal Can now owns 9,928 shares of the company’s stock worth $926,000 after purchasing an additional 3,320 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Beacon Roofing Supply by 3.2% in the second quarter. Canada Pension Plan Investment Board now owns 100,800 shares of the company’s stock worth $9,122,000 after buying an additional 3,100 shares during the period. 98.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Royal Bank of Canada dropped their price target 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. Robert W. Baird cut their target price on Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Stephens dropped 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 research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.30.

Beacon Roofing Supply Trading Up 1.5 %

BECN opened at $86.63 on Friday. The stock has a market cap of $5.51 billion, a PE ratio of -137.51 and a beta of 1.55. The business has a 50 day moving average of $87.21 and a 200-day moving average of $92.76. Beacon Roofing Supply, Inc. has a 52 week low of $68.50 and a 52 week high of $105.42. 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 announced 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). The business 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 quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.66 EPS. Equities research analysts predict that Beacon Roofing Supply, Inc. will post 7.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Beacon Roofing Supply news, CFO Prithvi Gandhi bought 5,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was purchased 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 $411,450. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of the business’s 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 sale, the executive vice president now directly owns 320 shares of the company’s stock, 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 purchased 5,000 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, August 7th. The shares were bought at an average price of $82.29 per share, with a total value of $411,450.00. Following the completion of the acquisition, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $411,450. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by insiders.

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.