Hudson Bay Capital Management LP Buys Shares of 72,327 Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Hudson Bay Capital Management LP bought a new stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 72,327 shares of the company’s stock, valued at approximately $7,347,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BECN. Norges Bank bought a new position in shares of Beacon Roofing Supply in the fourth quarter worth $94,573,000. Balyasny Asset Management L.P. bought a new position in shares of Beacon Roofing Supply in the fourth quarter worth $68,588,000. Frontier Capital Management Co. LLC increased its holdings in shares of Beacon Roofing Supply by 16.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock worth $242,247,000 after purchasing an additional 329,047 shares during the period. Bank of America Corp DE increased its holdings in shares of Beacon Roofing Supply by 253.2% in the fourth quarter. Bank of America Corp DE now owns 424,473 shares of the company’s stock worth $43,118,000 after purchasing an additional 304,287 shares during the period. Finally, Marshall Wace LLP increased its holdings in shares of Beacon Roofing Supply by 10,326.8% in the fourth quarter. Marshall Wace LLP now owns 289,866 shares of the company’s stock worth $29,445,000 after purchasing an additional 287,086 shares during the period. Institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock opened at $124.17 on Monday. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The firm has a 50-day moving average of $122.27 and a 200-day moving average of $113.76. The firm has a market cap of $7.67 billion, a P/E ratio of 21.23 and a beta of 1.31. Beacon Roofing Supply, Inc. has a 1-year low of $77.54 and a 1-year high of $124.31.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Sell-side analysts expect that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current year.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 29,724 shares of the firm’s stock in a transaction dated 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 completion of 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the firm’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $122.14, for a total transaction of $1,036,602.18. Following the completion of the sale, the insider now owns 22,642 shares of the company’s stock, valued at $2,765,493.88. This trade represents a 27.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,806 shares of company stock worth $6,745,448 over the last three months. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

BECN has been the subject of several research reports. Loop Capital reiterated a “hold” rating and issued a $124.00 target price on shares of Beacon Roofing Supply in a research report on Friday, March 21st. William Blair reiterated a “market perform” rating on shares of Beacon Roofing Supply in a research report on Thursday, March 20th. Robert W. Baird upped their target price 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. 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. Finally, Raymond James lowered shares of Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $124.78.

Beacon Roofing Supply 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.