Assenagon Asset Management S.A. purchased a new position in Beacon Roofing Supply, Inc. (NASDAQ:BECN – Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 46,620 shares of the company’s stock, valued at approximately $3,598,000. Assenagon Asset Management S.A. owned approximately 0.07% of Beacon Roofing Supply as of its most recent SEC filing.
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Several other hedge funds have also recently made changes to their positions in the business. Los Angeles Capital Management LLC purchased a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at about $1,201,000. Victory Capital Management Inc. raised its position in shares of Beacon Roofing Supply by 18.0% during the 3rd quarter. Victory Capital Management Inc. now owns 26,559 shares of the company’s stock valued at $2,050,000 after buying an additional 4,046 shares in the last quarter. California Public Employees Retirement System purchased a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at about $3,564,000. Principal Financial Group Inc. raised its position in shares of Beacon Roofing Supply by 46.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,713 shares of the company’s stock valued at $595,000 after buying an additional 2,456 shares in the last quarter. Finally, Duality Advisers LP raised its position in shares of Beacon Roofing Supply by 224.6% during the 3rd quarter. Duality Advisers LP now owns 28,227 shares of the company’s stock valued at $2,178,000 after buying an additional 19,530 shares in the last quarter.
Insider Transactions at Beacon Roofing Supply
In other news, insider Jason L. Taylor sold 1,806 shares of the company’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $88.75, for a total value of $160,282.50. Following the completion of the sale, the insider now owns 11,178 shares of the company’s stock, valued at approximately $992,047.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on BECN. Royal Bank of Canada upgraded shares of Beacon Roofing Supply from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $91.00 to $94.00 in a research report on Thursday, October 5th. William Blair upgraded shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a report on Monday, January 8th. Truist Financial cut their price target on shares of Beacon Roofing Supply from $95.00 to $80.00 and set a “hold” rating on the stock in a report on Tuesday, October 17th. Jefferies Financial Group cut their price target on shares of Beacon Roofing Supply from $92.00 to $89.00 in a report on Thursday, October 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $92.64.
Check Out Our Latest Stock Analysis on Beacon Roofing Supply
Beacon Roofing Supply Price Performance
Shares of BECN stock opened at $82.89 on Thursday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.73 and a quick ratio of 1.05. The company has a market capitalization of $5.25 billion, a P/E ratio of -78.20, a P/E/G ratio of 1.48 and a beta of 1.63. The company’s 50-day simple moving average is $84.48 and its two-hundred day simple moving average is $80.30. Beacon Roofing Supply, Inc. has a one year low of $54.60 and a one year high of $89.39.
Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) last announced its quarterly earnings results on Thursday, November 2nd. The company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $2.54 by $0.31. Beacon Roofing Supply had a net margin of 4.67% and a return on equity of 25.71%. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.59 billion. As a group, equities analysts anticipate that Beacon Roofing Supply, Inc. will post 7.52 EPS for the current year.
Beacon Roofing Supply Company Profile
(Free Report)
Beacon Roofing Supply, Inc, together with its subsidiaries, engages in 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. 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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
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