Polar Asset Management Partners Inc. Invests $4.51 Million in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Polar Asset Management Partners Inc. purchased a new position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) in the fourth quarter, Holdings Channel.com reports. The firm purchased 44,400 shares of the company’s stock, valued at approximately $4,510,000.

A number of other large investors have also recently made changes to their positions in the stock. Equitable Trust Co. grew its stake in shares of Beacon Roofing Supply by 1.7% in the fourth quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock worth $734,000 after acquiring an additional 122 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in shares of Beacon Roofing Supply by 26.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock worth $73,000 after acquiring an additional 150 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Beacon Roofing Supply by 38.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after acquiring an additional 163 shares during the period. Cornerstone Investment Partners LLC grew its stake in shares of Beacon Roofing Supply by 3.6% in the fourth quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock worth $480,000 after acquiring an additional 166 shares during the period. Finally, Principal Securities Inc. grew its stake in shares of Beacon Roofing Supply by 16.5% in the fourth quarter. Principal Securities Inc. now owns 1,381 shares of the company’s stock worth $140,000 after acquiring an additional 196 shares during the period. 98.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Jonathan Stuart Bennett sold 8,487 shares of the business’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $122.14, for a total value of $1,036,602.18. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher Carl Nelson sold 16,595 shares of the business’s stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $123.61, for a total transaction of $2,051,307.95. Following the completion of the transaction, the executive vice president now directly owns 463 shares in the company, valued at $57,231.43. This trade represents a 97.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,806 shares of company stock valued at $6,745,448 over the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

Beacon Roofing Supply Price Performance

Shares of NASDAQ:BECN opened at $124.17 on Friday. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply, Inc. has a 1-year low of $77.54 and a 1-year high of $124.31. The company has a market capitalization of $7.67 billion, a P/E ratio of 21.23 and a beta of 1.31. The firm’s 50 day simple moving average is $123.09 and its two-hundred day simple moving average is $114.32.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly 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). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Research analysts expect that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on BECN. Stifel Nicolaus lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and reduced their price target for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. Benchmark reissued a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a report on Monday, March 3rd. BMO Capital Markets reissued a “market perform” rating and issued a $124.35 price objective (down previously from $130.00) on shares of Beacon Roofing Supply in a report on Thursday, April 17th. Baird R W downgraded shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Finally, William Blair reissued a “market perform” rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Beacon Roofing Supply presently has an average rating of “Hold” and a consensus target price of $124.78.

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.