In the first quarter of 2023, Federated Hermes Inc. significantly increased its holdings in Beacon Roofing Supply, Inc. by 592.9%, according to the company’s recent disclosure with the Securities & Exchange Commission. During this period, Federated Hermes acquired an additional 27,155 shares of Beacon Roofing Supply, bringing their total ownership to 31,735 shares. Based on its most recent SEC filing, these holdings were valued at $1,868,000.
Beacon Roofing Supply, Inc. operates alongside its subsidiaries and is primarily involved in the distribution of residential and non-residential roofing materials within the United States and Canada. Its customer base includes contractors, home builders, building owners, lumberyards, and retailers.
The company provides a wide range of products that cater to both pitched roofing and low slope roofs. It also offers gutters and sidings as complementary building materials. Additionally, Beacon Roofing Supply supplies various other construction products such as lumber and composite materials, skylights and windows, plywood and oriented strand board (OSB), decking and railing materials, as well as heating, ventilation, and air conditioning (HVAC) products.
Furthermore, Beacon Roofing Supply offers insulation solutions for commercial buildings and residential properties alike. Their insulation product lineup includes foam boards, spray foam insulation options, roll or batt insulation choices made from mineral wool or fiberglass materials. The company also provides radiant barriers for improved energy efficiency and blown-in insulation products along with specialized equipment required for their installation.
As of now—August 18th of 2023—Federated Hermes Inc.’s substantial increase in holdings highlights their confidence in Beacon Roofing Supply’s future prospects within this industry sector. This news suggests that Federated Hermes believes in the potential growth opportunities of residential construction activities alongside non-residential projects within the roofing material distribution market segment.
Please note that this information is accurate as per the specified date and is subject to change with future disclosures from both Federated Hermes Inc. and Beacon Roofing Supply, Inc.
Beacon Roofing Supply, Inc.
BECN
Strong Buy
Updated on: 18/08/2023
Price Target
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Social Sentiments
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Analyst Ratings
| Analyst / firm | Rating |
|---|---|
|
Keith Hughes Truist Financial |
Buy |
|
Ketan Mamtora Loop Capital Markets |
Buy |
| Deutsche Bank | Buy |
| Stephens | Sell |
| J.P. Morgan | Sell |
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Beacon Roofing Supply, Inc. has recently attracted the attention of several institutional investors and hedge funds. These investors have been buying and selling shares of BECN, indicating a degree of confidence in the company’s potential.
Among the institutional investors making moves in BECN is Sandy Spring Bank, which acquired a new stake in the first quarter valued at approximately $29,000. Similarly, Exchange Traded Concepts LLC purchased a new stake worth around $36,000 during the same period. Arcadia Investment Management Corp MI also jumped on the bandwagon by buying a new stake worth about $38,000.
Meanwhile, Ronald Blue Trust Inc. increased its holdings in BECN by 34.4% in the first quarter and currently owns 817 shares of the company’s stock valued at $43,000 after purchasing an additional 209 shares during the last quarter. Last but not least, Gladius Capital Management LP bought a new stake worth about $55,000 in Beacon Roofing Supply during the fourth quarter.
These developments align with various research reports that have shed light on Beacon Roofing Supply’s potential growth trajectory. Jefferies Financial Group raised their target price from $75.00 to $88.00 and assigned a “hold” rating to the stock in a report released on July 13th.
On August 8th, Deutsche Bank Aktiengesellschaft also lifted their price target on Beacon Roofing Supply from $102.00 to $108.00 while giving it a “buy” rating. However, Stephens dropped their price target from $70.00 to $68.00 back on May 8th.
StockNews.com lowered Beacon Roofing Supply’s rating from “buy” to “hold” in another research report on Tuesday. Consequently, according to Bloomberg.com, analysts now view BECN as having a consensus rating of “Hold,” with an average price target of $86.80.
Turning to the company itself, Beacon Roofing Supply, Inc. and its subsidiaries are engaged in the distribution of residential and non-residential roofing materials, as well as complementary building products in the United States and Canada. Their customers include contractors, home builders, building owners, lumberyards, and retailers.
The products offered by Beacon Roofing Supply include pitched roofing and low slope roof products, gutters and sidings, building materials like lumber and composite materials, skylights and windows, plywood and OSB (Oriented Strand Board), decking and railing systems, as well as HVAC (Heating, Ventilation, and Air Conditioning) products.
Additionally, the company provides foam board insulation, spray foam insulation, roll insulation, batt insulation mineral wool insulation fiberglass insulation commercial insulation radiant barriers blown-in insulation equipment. This wide range of offerings positions Beacon Roofing Supply as a key player in meeting the needs of various construction projects.
Moreover, recent news reveals that Director Stuart A. Randle sold 10,299 shares of BECN on June 8th for an average price of $72.43 per share. The total value of this transaction amounted to approximately $745,956.57. Following this sale completion date announcement disclosed by the Securities & Exchange Commission (SEC), Director Stuart A. Randle now holds 31,417 shares valued at $2,275,
533.31 in the company.
Furthermore EVP Christopher Carl Nelson also sold 8,611 shares on June 12th at an average price of $72.95 per share with a total value of $628,
172.45.
It is essential to note that insiders currently own 0.95% of Beacon Roofing Supply’s outstanding shares.
As for its stock performance on NASDAQ:BECN markets: shares opened at $77.46 on Friday with a one-year low set at $50.42 and a one-year high of $87.46.
The company also exhibits a 50-day simple moving average of $82.23 and a two-hundred-day simple moving average of $68.47, further highlighting its market presence and stability.
With these factors in mind, Beacon Roofing Supply, Inc. remains poised to capitalize on the opportunities presented by the residential and non-residential roofing material markets while continuing to provide top-quality products to its wide range of customers across the United States and Canada.
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