Beacon Roofing Supply, Inc. (NASDAQ:BECN) Stock Position Raised by Acadian Asset Management LLC

Acadian Asset Management LLC boosted its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 15.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 374,276 shares of the company’s stock after purchasing an additional 49,634 shares during the period. Acadian Asset Management LLC owned 0.59% of Beacon Roofing Supply worth $36,671,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Beacon Roofing Supply by 19.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock worth $434,118,000 after acquiring an additional 909,819 shares during the period. Norges Bank acquired a new position in Beacon Roofing Supply in the 4th quarter valued at approximately $59,850,000. Intrinsic Edge Capital Management LLC acquired a new stake in shares of Beacon Roofing Supply during the 4th quarter valued at $33,416,000. Jupiter Asset Management Ltd. increased its stake in shares of Beacon Roofing Supply by 1,293.8% in the first quarter. Jupiter Asset Management Ltd. now owns 399,412 shares of the company’s stock worth $39,150,000 after acquiring an additional 370,756 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its stake in shares of Beacon Roofing Supply by 17.3% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,126,533 shares of the company’s stock worth $185,051,000 after acquiring an additional 314,102 shares during the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Beacon Roofing Supply Stock Performance

BECN traded up $1.15 during midday trading on Monday, reaching $97.99. The company’s stock had a trading volume of 253,190 shares, compared to its average volume of 694,268. The company has a current ratio of 1.87, a quick ratio of 1.02 and a debt-to-equity ratio of 1.47. The company has a fifty day simple moving average of $95.01 and a 200 day simple moving average of $91.94. The stock has a market cap of $6.23 billion, a P/E ratio of -154.27 and a beta of 1.58. Beacon Roofing Supply, Inc. has a twelve month low of $68.50 and a twelve month high of $103.75.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.06. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.88 billion. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.39%. Research analysts expect that Beacon Roofing Supply, Inc. will post 7.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BECN shares. BMO Capital Markets boosted their target price on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Benchmark assumed coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They issued a “buy” rating and a $135.00 target price for the company. JPMorgan Chase & Co. increased their price target on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Loop Capital lifted their price objective on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Finally, Robert W. Baird upped their price objective on shares of Beacon Roofing Supply from $115.00 to $117.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $109.45.

Insider Transactions at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 2,955 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $91.11, for a total value of $269,230.05. Following the sale, the executive vice president now owns 320 shares of the company’s stock, valued at approximately $29,155.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is 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.