Shell Asset Management Co. trimmed its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) by 12.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,026 shares of the company’s stock after selling 890 shares during the quarter. Shell Asset Management Co.’s holdings in Beacon Roofing Supply were worth $357,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of BECN. FourThought Financial LLC raised its holdings in Beacon Roofing Supply by 10.2% during the 1st quarter. FourThought Financial LLC now owns 2,657 shares of the company’s stock worth $158,000 after buying an additional 245 shares during the period. Commonwealth Equity Services LLC raised its holdings in Beacon Roofing Supply by 4.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 6,146 shares of the company’s stock worth $352,000 after buying an additional 247 shares during the period. Rafferty Asset Management LLC raised its holdings in Beacon Roofing Supply by 1.7% during the 4th quarter. Rafferty Asset Management LLC now owns 18,106 shares of the company’s stock worth $1,038,000 after buying an additional 302 shares during the period. Envestnet Asset Management Inc. raised its holdings in Beacon Roofing Supply by 1.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 19,242 shares of the company’s stock worth $1,104,000 after buying an additional 341 shares during the period. Finally, Ellevest Inc. raised its holdings in Beacon Roofing Supply by 1,193.9% during the 1st quarter. Ellevest Inc. now owns 427 shares of the company’s stock worth $25,000 after buying an additional 394 shares during the period.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. Royal Bank of Canada downgraded Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from $70.00 to $58.00 in a report on Wednesday, June 22nd. Robert W. Baird upped their target price on Beacon Roofing Supply from $74.00 to $83.00 in a report on Friday, May 6th. JPMorgan Chase & Co. dropped their target price on Beacon Roofing Supply from $66.00 to $59.00 in a report on Friday, July 15th. William Blair downgraded Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 19th. Finally, Wells Fargo & Company dropped their target price on Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 28th. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $61.38.
Beacon Roofing Supply Trading Up 1.7 %
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last released its quarterly earnings data on Thursday, May 5th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.40. Beacon Roofing Supply had a return on equity of 26.21% and a net margin of 4.24%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, research analysts forecast that Beacon Roofing Supply, Inc. will post 6.61 EPS for the current fiscal year.
Insider Buying and Selling
In related news, major shareholder Cd&R Investment Associates Ix, bought 103,931 shares of the firm’s stock in a transaction on Friday, July 29th. The stock was purchased at an average price of $57.73 per share, with a total value of $5,999,936.63. Following the completion of the transaction, the insider now directly owns 14,859,579 shares of the company’s stock, valued at $857,843,495.67. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.95% of the stock is currently owned by corporate insiders.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It 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.
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