Voloridge Investment Management LLC Has $13.62 Million Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Voloridge Investment Management LLC boosted its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 73.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,033 shares of the company’s stock after purchasing an additional 56,883 shares during the quarter. Voloridge Investment Management LLC’s holdings in Beacon Roofing Supply were worth $13,615,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new stake in shares of Beacon Roofing Supply during the 4th quarter worth about $31,000. Johnson Financial Group Inc. bought a new position in Beacon Roofing Supply in the 4th quarter valued at about $54,000. PNC Financial Services Group Inc. lifted its position in Beacon Roofing Supply by 38.1% during 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 last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Beacon Roofing Supply by 26.3% during 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. Finally, Principal Securities Inc. boosted its holdings in shares of Beacon Roofing Supply by 16.5% during 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 and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BECN. Royal Bank of Canada lowered Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $124.00 to $124.35 in a research note on Wednesday, April 2nd. Baird R W cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Loop Capital reissued a “hold” rating and set a $124.00 target price on shares of Beacon Roofing Supply in a report on Friday, March 21st. Raymond James cut shares of Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 21st. Finally, Wall Street Zen began coverage on shares of Beacon Roofing Supply in a research note on Tuesday. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $124.78.

Beacon Roofing Supply Price Performance

BECN stock opened at $124.17 on Friday. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 week high of $124.31. The business has a 50-day simple moving average of $123.67 and a 200 day simple moving average of $115.58. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The company has a market cap of $7.67 billion, a PE ratio of 21.23 and a beta of 1.31.

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

Insider Buying and Selling

In related news, insider Jonathan Stuart Bennett sold 8,487 shares of the company’s stock in a transaction on 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 directly owns 22,642 shares in the company, valued at $2,765,493.88. This represents a 27.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christopher Carl Nelson sold 16,595 shares of Beacon Roofing Supply stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total value of $2,051,307.95. Following the completion of the transaction, the executive vice president now owns 463 shares in the company, valued at approximately $57,231.43. This represents a 97.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,806 shares of company stock worth $6,745,448. Corporate insiders own 1.30% of the company’s stock.

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.