Beacon Roofing Supply, Inc. (NASDAQ:BECN) Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. lowered its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 23.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 49,410 shares of the company’s stock after selling 15,310 shares during the period. iA Global Asset Management Inc.’s holdings in Beacon Roofing Supply were worth $4,843,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Caprock Group LLC boosted its holdings in shares of Beacon Roofing Supply by 1.3% during the first quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock worth $860,000 after purchasing an additional 111 shares during the period. Benjamin F. Edwards & Company Inc. boosted its stake in Beacon Roofing Supply by 28.4% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock valued at $52,000 after purchasing an additional 116 shares during the period. Summit Trail Advisors LLC grew its stake in shares of Beacon Roofing Supply by 1.9% in the fourth quarter. Summit Trail Advisors LLC now owns 6,555 shares of the company’s stock worth $570,000 after acquiring an additional 121 shares during the last quarter. SummerHaven Investment Management LLC grew its position in Beacon Roofing Supply by 1.5% in the 4th quarter. SummerHaven Investment Management LLC now owns 8,607 shares of the company’s stock worth $749,000 after purchasing an additional 129 shares during the last quarter. Finally, QRG Capital Management Inc. grew its position in Beacon Roofing Supply by 1.5% during the first quarter. QRG Capital Management Inc. now owns 10,475 shares of the company’s stock worth $1,027,000 after buying an additional 157 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Beacon Roofing Supply Stock Down 4.4 %

Shares of BECN stock traded down $4.53 during trading hours on Thursday, hitting $98.27. 974,451 shares of the company were exchanged, compared to its average volume of 697,881. The business has a 50 day moving average of $95.51 and a two-hundred day moving average of $92.67. The company has a market capitalization of $6.25 billion, a PE ratio of -155.98 and a beta of 1.58. The company has a current ratio of 1.87, a quick ratio of 1.02 and a debt-to-equity ratio of 1.47. Beacon Roofing Supply, Inc. has a 52 week low of $68.50 and a 52 week high of $105.42.

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

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

BECN has been the topic of several analyst reports. Truist Financial boosted their price target on shares of Beacon Roofing Supply from $90.00 to $95.00 and gave the company a “hold” rating in a report on Friday, May 3rd. StockNews.com downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Robert W. Baird upped their target price on shares of Beacon Roofing Supply from $115.00 to $117.00 and gave the stock an “outperform” rating in a research report on Friday, May 3rd. BMO Capital Markets upped their price target 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. Finally, Benchmark initiated coverage on shares of Beacon Roofing Supply in a report on Thursday, April 18th. They issued a “buy” rating and a $135.00 price objective on the stock. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Moderate Buy” and an average target price of $109.45.

About Beacon Roofing Supply

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.