Gabelli Funds LLC Buys 2,000 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Gabelli Funds LLC grew its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 57.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 5,500 shares of the company’s stock after acquiring an additional 2,000 shares during the quarter. Gabelli Funds LLC’s holdings in Beacon Roofing Supply were worth $559,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in Beacon Roofing Supply by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 615,174 shares of the company’s stock worth $62,489,000 after purchasing an additional 11,426 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Beacon Roofing Supply during the 4th quarter worth approximately $24,162,000. Barclays PLC boosted its position in shares of Beacon Roofing Supply by 272.0% during the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock worth $10,547,000 after acquiring an additional 89,222 shares in the last quarter. Boston Partners increased its stake in Beacon Roofing Supply by 1.3% in the fourth quarter. Boston Partners now owns 4,531,106 shares of the company’s stock valued at $462,417,000 after acquiring an additional 59,630 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Beacon Roofing Supply by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company’s stock worth $103,011,000 after purchasing an additional 20,372 shares during the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and lowered their target price for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. Benchmark restated a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. Robert W. Baird upped their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Finally, Baird R W lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $121.47.

Insider Buying and Selling

In related news, insider Clement Munroe Best III sold 29,724 shares of the business’s stock in a transaction 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 transaction, the insider now owns 87,943 shares in the company, valued at $10,821,386.15. The trade was a 25.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $122.14, for a total value of $1,036,602.18. Following the sale, the insider now owns 22,642 shares of the company’s stock, valued at approximately $2,765,493.88. The trade was a 27.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,806 shares of company stock valued at $6,745,448 over the last ninety days. 1.30% of the stock is owned by company insiders.

Beacon Roofing Supply Price Performance

BECN stock opened at $123.85 on Friday. The company has a market capitalization of $7.65 billion, a P/E ratio of 21.17 and a beta of 1.31. The company has a fifty day moving average price of $120.11 and a 200-day moving average price of $110.39. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply, Inc. has a 52-week low of $77.54 and a 52-week high of $123.90.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.43 billion. As a group, equities analysts expect that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current 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.