Raymond James & Associates Decreases Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Raymond James & Associates trimmed its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 58.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,084 shares of the company’s stock after selling 22,179 shares during the quarter. Raymond James & Associates’ holdings in Beacon Roofing Supply were worth $1,400,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in shares of Beacon Roofing Supply during the 4th quarter valued at about $501,000. FCF Advisors LLC purchased a new stake in shares of Beacon Roofing Supply during the 4th quarter valued at about $422,000. Vanguard Group Inc. raised its position in shares of Beacon Roofing Supply by 19.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock valued at $434,118,000 after buying an additional 909,819 shares in the last quarter. Hudson Bay Capital Management LP purchased a new stake in Beacon Roofing Supply in the 3rd quarter worth about $540,000. Finally, American Century Companies Inc. raised its position in Beacon Roofing Supply by 9.3% in the 3rd quarter. American Century Companies Inc. now owns 2,734,447 shares of the company’s stock worth $211,017,000 after purchasing an additional 233,393 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. William Blair raised shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research report on Monday, January 8th. TheStreet raised shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. JPMorgan Chase & Co. reduced their price objective on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research report on Thursday, January 11th. Benchmark assumed coverage on shares of Beacon Roofing Supply in a research report on Thursday. They issued a “buy” rating and a $135.00 price objective on the stock. Finally, Loop Capital increased their price objective on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $102.92.

Insider Activity

In other news, insider Jason L. Taylor sold 1,805 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total transaction of $171,475.00. Following the transaction, the insider now directly owns 10,531 shares in the company, valued at $1,000,445. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Beacon Roofing Supply news, insider Jason L. Taylor sold 1,805 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total value of $171,475.00. Following the completion of the sale, the insider now directly owns 10,531 shares in the company, valued at $1,000,445. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the sale, the executive vice president now owns 176 shares of the company’s stock, valued at $16,521.12. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Price Performance

NASDAQ BECN opened at $94.56 on Friday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85. The firm’s 50 day moving average price is $91.47 and its 200-day moving average price is $84.40. Beacon Roofing Supply, Inc. has a 52-week low of $56.94 and a 52-week high of $102.83. The company has a market cap of $6.00 billion, a PE ratio of -201.19 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the prior year, the business posted $1.18 earnings per share. Beacon Roofing Supply’s revenue for the quarter was up 16.8% on a year-over-year basis. Sell-side analysts forecast that Beacon Roofing Supply, Inc. will post 7.85 EPS for the current fiscal year.

Beacon Roofing Supply Company 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.