Oppenheimer Asset Management Inc. trimmed its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 24.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,788 shares of the company’s stock after selling 16,440 shares during the quarter. Oppenheimer Asset Management Inc. owned approximately 0.07% of Beacon Roofing Supply worth $2,642,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. grew its stake in Beacon Roofing Supply by 4.6% in the first quarter. BlackRock Inc. now owns 4,958,783 shares of the company’s stock valued at $263,164,000 after purchasing an additional 218,623 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake in Beacon Roofing Supply by 1.2% in the first quarter. Frontier Capital Management Co. LLC now owns 2,989,306 shares of the company’s stock valued at $158,642,000 after purchasing an additional 34,886 shares in the last quarter. Jennison Associates LLC grew its stake in Beacon Roofing Supply by 8.9% in the fourth quarter. Jennison Associates LLC now owns 1,833,247 shares of the company’s stock valued at $116,888,000 after purchasing an additional 150,151 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Beacon Roofing Supply by 2.3% in the fourth quarter. Bank of New York Mellon Corp now owns 1,135,135 shares of the company’s stock valued at $72,377,000 after purchasing an additional 25,104 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in Beacon Roofing Supply by 50.4% in the fourth quarter. Deutsche Bank AG now owns 1,021,476 shares of the company’s stock valued at $65,127,000 after purchasing an additional 342,219 shares in the last quarter. Hedge funds and other institutional investors own 97.78% of the company’s stock.
A number of research analysts have weighed in on BECN shares. Citigroup decreased their price target on Beacon Roofing Supply from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 9th. BidaskClub downgraded Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 14th. Wedbush set a $65.00 price target on Beacon Roofing Supply and gave the company a “buy” rating in a research note on Wednesday, May 9th. Zacks Investment Research cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 10th. Finally, ValuEngine cut Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research report on Monday, May 14th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $63.30.
BECN opened at $41.50 on Friday. Beacon Roofing Supply, Inc. has a 12-month low of $38.71 and a 12-month high of $66.47. The company has a market capitalization of $2.83 billion, a PE ratio of 19.76, a price-to-earnings-growth ratio of 0.40 and a beta of 1.40. The company has a quick ratio of 1.13, a current ratio of 2.18 and a debt-to-equity ratio of 1.65.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Tuesday, May 8th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.26). Beacon Roofing Supply had a net margin of 1.80% and a return on equity of 8.11%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the business earned ($0.04) earnings per share. The business’s quarterly revenue was up 64.1% on a year-over-year basis. equities research analysts anticipate that Beacon Roofing Supply, Inc. will post 3.46 earnings per share for the current fiscal year.
In other Beacon Roofing Supply news, CFO Joseph M. Nowicki acquired 2,470 shares of the business’s stock in a transaction dated Friday, May 18th. The stock was bought at an average cost of $40.45 per share, with a total value of $99,911.50. Following the completion of the transaction, the chief financial officer now directly owns 13,113 shares in the company, valued at approximately $530,420.85. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.77% of the company’s stock.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and other accessories.
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