Rhumbline Advisers Reduces Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Rhumbline Advisers reduced its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 5.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 105,022 shares of the company’s stock after selling 6,526 shares during the quarter. Rhumbline Advisers owned approximately 0.17% of Beacon Roofing Supply worth $9,504,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Beacon Roofing Supply during the 1st quarter worth $26,000. PNC Financial Services Group Inc. grew its holdings 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 worth $30,000 after purchasing an additional 203 shares during the period. Quarry LP grew its holdings in shares of Beacon Roofing Supply by 127.1% during the 4th quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after purchasing an additional 225 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings 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 worth $52,000 after purchasing an additional 116 shares during the period. Finally, Plato Investment Management Ltd grew its holdings 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 worth $109,000 after purchasing an additional 648 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BECN shares. Stephens lowered their price target 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. JPMorgan Chase & Co. increased their target price on Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Robert W. Baird decreased 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, Royal Bank of Canada decreased 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. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Beacon Roofing Supply currently has an average rating of “Moderate Buy” and an average price target of $111.30.

Beacon Roofing Supply Price Performance

BECN stock opened at $81.04 on Friday. 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 firm has a market capitalization of $5.01 billion, a P/E ratio of -128.63 and a beta of 1.55. The business’s 50-day moving average is $90.11 and its two-hundred day moving average is $92.88. Beacon Roofing Supply, Inc. has a 1 year low of $68.50 and a 1 year high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly 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). The company had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. Beacon Roofing Supply’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.66 EPS. Analysts anticipate that Beacon Roofing Supply, Inc. will post 7.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, CFO Prithvi Gandhi bought 5,000 shares of the business’s stock in a transaction dated 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 acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other Beacon Roofing Supply news, CFO Prithvi Gandhi bought 5,000 shares of the business’s stock in a transaction dated 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 acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Christopher Carl Nelson sold 1,627 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $27,200. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate 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.