Geode Capital Management LLC Sells 24,027 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Geode Capital Management LLC trimmed its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 1.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,444,016 shares of the company’s stock after selling 24,027 shares during the quarter. Geode Capital Management LLC owned 2.33% of Beacon Roofing Supply worth $146,716,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of BECN. Quarry LP raised its stake in Beacon Roofing Supply by 180.7% during the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Beacon Roofing Supply in the 4th quarter worth about $31,000. PNC Financial Services Group Inc. increased its position in shares of Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after purchasing an additional 163 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock valued at $73,000 after purchasing an additional 150 shares during the last quarter. Finally, Principal Securities Inc. boosted its position in Beacon Roofing Supply by 16.5% in the fourth quarter. Principal Securities Inc. now owns 1,381 shares of the company’s stock valued at $140,000 after buying an additional 196 shares in the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Clement Munroe Best III sold 29,724 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $123.05, for a total value of $3,657,538.20. Following the sale, the insider now directly owns 87,943 shares in the company, valued at $10,821,386.15. This trade represents a 25.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christopher Carl Nelson sold 16,595 shares of Beacon Roofing Supply stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total transaction of $2,051,307.95. Following the completion of the sale, the executive vice president now owns 463 shares in the company, valued at $57,231.43. The trade was a 97.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Stock Down 0.3 %

Shares of NASDAQ:BECN opened at $122.10 on Tuesday. Beacon Roofing Supply, Inc. has a one year low of $77.54 and a one year high of $123.90. The stock has a market cap of $7.54 billion, a price-to-earnings ratio of 20.87 and a beta of 1.31. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The company has a 50 day moving average of $119.22 and a 200-day moving average of $107.86.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.01). The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. On average, sell-side analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BECN. William Blair reaffirmed a “market perform” rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. StockNews.com assumed coverage on Beacon Roofing Supply in a report on Wednesday, April 2nd. They set a “sell” rating for the company. Baird R W lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Finally, BMO Capital Markets cut their price target on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $122.10.

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.