Citigroup Inc. decreased its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN – Free Report) by 76.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,421 shares of the company’s stock after selling 31,448 shares during the quarter. Citigroup Inc.’s holdings in Beacon Roofing Supply were worth $727,000 as of its most recent filing with the SEC.
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Other hedge funds and other institutional investors also recently modified their holdings of the company. Morgan Stanley lifted its holdings in Beacon Roofing Supply by 467.9% in the fourth quarter. Morgan Stanley now owns 1,313,406 shares of the company’s stock worth $69,335,000 after purchasing an additional 1,082,141 shares during the period. Frontier Capital Management Co. LLC raised its holdings in Beacon Roofing Supply by 40.3% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 2,417,307 shares of the company’s stock worth $200,588,000 after buying an additional 694,876 shares during the period. JPMorgan Chase & Co. raised its holdings in Beacon Roofing Supply by 301.1% during the 1st quarter. JPMorgan Chase & Co. now owns 849,092 shares of the company’s stock worth $49,969,000 after buying an additional 637,420 shares during the period. Norges Bank acquired a new position in shares of Beacon Roofing Supply in the 4th quarter valued at about $23,585,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Beacon Roofing Supply by 2,604.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 388,859 shares of the company’s stock valued at $951,000 after purchasing an additional 374,478 shares during the period.
Insiders Place Their Bets
In other news, insider Jason L. Taylor sold 1,806 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $88.75, for a total transaction of $160,282.50. Following the transaction, the insider now owns 11,178 shares in the company, valued at approximately $992,047.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.95% of the company’s stock.
Analysts Set New Price Targets
BECN has been the topic of a number of research reports. Robert W. Baird upgraded Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $99.00 to $115.00 in a report on Thursday. TheStreet raised Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday. William Blair upgraded Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research note on Monday, January 8th. Stifel Nicolaus upped their target price on Beacon Roofing Supply from $115.00 to $119.00 and gave the company a “buy” rating in a research note on Tuesday, December 19th. Finally, StockNews.com upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $94.45.
Check Out Our Latest Stock Analysis on Beacon Roofing Supply
Beacon Roofing Supply Price Performance
Beacon Roofing Supply stock opened at $85.89 on Friday. The business’s 50-day simple moving average is $85.66 and its 200 day simple moving average is $80.56. The stock has a market cap of $5.45 billion, a price-to-earnings ratio of -182.74, a P/E/G ratio of 1.52 and a beta of 1.62. Beacon Roofing Supply, Inc. has a 12-month low of $54.60 and a 12-month high of $90.62. The company has a quick ratio of 1.05, a current ratio of 1.85 and a debt-to-equity ratio of 1.30.
Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) last issued its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a return on equity of 26.95% and a net margin of 4.74%. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter last year, the business posted $1.18 EPS. Beacon Roofing Supply’s quarterly revenue was up 16.8% on a year-over-year basis. As a group, research analysts anticipate that Beacon Roofing Supply, Inc. will post 7.83 earnings per share for the current year.
About Beacon Roofing Supply
(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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