Iridian Asset Management LLC CT Buys 18,064 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Iridian Asset Management LLC CT boosted its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 27.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 83,713 shares of the company’s stock after buying an additional 18,064 shares during the quarter. Beacon Roofing Supply accounts for approximately 1.5% of Iridian Asset Management LLC CT’s portfolio, making the stock its 20th biggest position. Iridian Asset Management LLC CT’s holdings in Beacon Roofing Supply were worth $7,235,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of BECN. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Beacon Roofing Supply by 2.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock worth $501,000 after buying an additional 147 shares during the last quarter. SummerHaven Investment Management LLC increased its position in shares of Beacon Roofing Supply by 1.8% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,874 shares of the company’s stock valued at $803,000 after purchasing an additional 156 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of Beacon Roofing Supply by 1.5% during the 1st quarter. QRG Capital Management Inc. now owns 10,475 shares of the company’s stock worth $1,027,000 after purchasing an additional 157 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Beacon Roofing Supply by 145.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after buying an additional 203 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after buying an additional 211 shares during the period. 98.45% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BECN has been the topic of a number of research analyst reports. Robert W. Baird boosted their target price on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Stephens reduced 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. Finally, Royal Bank of Canada lowered 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 equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.33.

Insider Activity at Beacon Roofing Supply

In other news, CFO Prithvi Gandhi bought 5,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were acquired at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the purchase, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $411,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Christopher Carl Nelson sold 1,627 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the completion of the transaction, the executive vice president now owns 320 shares of the company’s stock, valued at approximately $27,200. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Prithvi Gandhi acquired 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average price of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the transaction, the chief financial officer now 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 owned by corporate insiders.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $95.47 on Thursday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.09 and a current ratio of 1.90. Beacon Roofing Supply, Inc. has a fifty-two week low of $69.94 and a fifty-two week high of $105.42. The stock has a market cap of $6.07 billion, a PE ratio of -151.54 and a beta of 1.55. The stock has a fifty day moving average of $88.64 and a 200-day moving average of $92.20.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.47). Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. The company had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the prior year, the company earned $2.66 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Equities research analysts anticipate that Beacon Roofing Supply, Inc. will post 7.37 earnings per share for the current year.

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.