Brandywine Global Investment Management LLC Acquires Stake in Beacon Roofing Supply, Inc. as Earnings Exceed Estimates

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On September 15, 2023, Brandywine Global Investment Management LLC announced that they have purchased a new position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) during the first quarter. According to their recent Form 13F filing with the Securities & Exchange Commission, the institutional investor acquired 173,190 shares of the company’s stock, valued at approximately $10,192,000. This represents approximately 0.27% ownership of Beacon Roofing Supply as of their most recent SEC filing.

Beacon Roofing Supply recently released its quarterly earnings results on Thursday, August 3rd. For the quarter, the company reported earnings per share of $2.66, surpassing the consensus estimate of $2.27 by $0.39. Additionally, Beacon Roofing Supply achieved a return on equity of 25.15% and a net margin of 4.69%. The firm recorded $2.50 billion in revenue for the quarter which aligned with analysts’ expectations.

Looking ahead, equities analysts anticipate that Beacon Roofing Supply will post 6.91 EPS for the current fiscal year.

In other news related to Beacon Roofing Supply, EVP Christine Stroh Reddy sold 500 shares of the firm’s stock in a transaction that took place on Monday, September 11th. The average price per share for this transaction was $78.12 resulting in a total transaction value of $39,060. Following this sale, Reddy now directly owns 314 shares of the company’s stock with an estimated value of approximately $24,529.68.

Furthermore, major shareholder Cd&R Investment Associates Ix acquired 46,170 shares of Beacon Roofing Supply’s stock in a transaction also occurring on Monday, September 11th at an average cost per share of $63.59 amounting to a total transaction value of $2,935,950.30. Following the completion of this acquisition, the insider now holds 10,218,134 shares in the company, valued at approximately $649,771,141.06.

These transactions were disclosed through a legal filing with the SEC and can be accessed through the provided link.

It is worth noting that currently, 0.95% of Beacon Roofing Supply’s stock is owned by insiders.

Overall, these developments highlight the investment activity and recent financial performance of Beacon Roofing Supply. Investors and analysts will continue to watch closely for further updates in relation to the company’s performance and future prospects.

Rocket Pharmaceuticals, Inc.

RCKT

Neutral

Updated on: 15/09/2023

Price Target

Current $23.45

Concensus $51.50

Low $0.00

Median $51.50

High $0.00

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Date:15 September, 2023


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Analyst Ratings

Analyst / firm Rating
Raymond James Buy
Raymond James Buy
Esther Rajavelu
UBS
Buy

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Beacon Roofing Supply: Hedge Fund Holdings and Stock Performance Analysis

Beacon Roofing Supply, a leading distributor of residential and commercial roofing materials, has recently seen modifications to its holdings by several hedge funds. These adjustments in ownership have piqued the interest of investors and analysts alike, prompting a closer examination of the company’s stock performance and market position.

One notable change in holdings comes from Advisor Group Holdings Inc., which increased its shares of Beacon Roofing Supply by 37.5% during the first quarter. The company now owns 1,101 shares of Beacon Roofing Supply stock, worth approximately $65,000 after acquiring an additional 300 shares. Similarly, Raymond James & Associates experienced growth in its stake by 11.6%, resulting in ownership of 13,449 shares valued at $797,000 after purchasing an extra 1,397 shares in the last quarter.

Furthermore, Raymond James Financial Services Advisors Inc. acquired a new stake in Beacon Roofing Supply during the first quarter with an estimated value of $317,000. AlphaCrest Capital Management LLC also added to their holdings by about 4%, bringing their total number of shares to 7,063 valued at $419,000 after buying an additional 273 shares. Lastly, Bank of Montreal Can expanded its stake by 27% during the first quarter and now owns 10,659 shares worth $665,000 following the purchase of an additional 2,267 shares.

As for the company’s stock performance on NASDAQ:BECN, it opened at $78.68 on Friday with a 50-day moving average price of $81.57 and a two-hundred day moving average price of $71.00. Over the past year, Beacon Roofing Supply has displayed a trading range between a low of $50.42 and a high of $87.46.

With a market cap standing at $4.96 billion and a P/E ratio of 15.58, Beacon Roofing Supply holds a strong position in the market. The company’s PEG ratio of 1.71 and beta of 1.68 indicate potential growth opportunities and volatility.

In terms of recommendations from various brokerages, Truist Financial raised its price objective for Beacon Roofing Supply from $85.00 to $95.00 and maintained a “hold” rating. Loop Capital lifted their price objective to $84.00, while StockNews.com downgraded the stock from “buy” to “hold.” BMO Capital Markets also raised their price objective to $90.00, and Raymond James gave the stock an “outperform” rating with a target price of $95.00.

While there is diversity in opinions among analysts, the consensus target price for Beacon Roofing Supply stands at approximately $86.80 based on data from Bloomberg.

As investors continue to monitor developments within Beacon Roofing Supply and assess these recent modifications in hedge fund holdings along with analyst reports, the company’s future performance remains under scrutiny.

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