August 29, 2023 – Swiss National Bank recently announced a decrease in its holdings of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 10.5% during the first quarter. According to the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC), Swiss National Bank now owns 112,400 shares of the company’s stock, down from their previous holding of 125,600 shares. As of the latest SEC filing, this represents approximately 0.17% of Beacon Roofing Supply’s total worth, estimated at $6,615,000.
This news comes alongside reports regarding the sale of company stocks by key executives. EVP Christopher Carl Nelson sold 8,611 shares on Monday, June 12th at an average price of $72.95 per share resulting in a total value of $628,172.45. The details of this transaction were disclosed in a document filed with the SEC and can be accessed through their website. Additionally, Director Stuart A. Randle sold 10,299 shares on Thursday, June 8th at an average price of $72.43 per share for a total value of $745,956.57. Following this sale, Randle now holds direct ownership of 31,417 shares in Beacon Roofing Supply with an estimated value of $2,275,533.31.
It is also important to note that company insiders currently own approximately 1.30% of Beacon Roofing Supply’s stock.
These recent developments raise questions about the future performance and direction of Beacon Roofing Supply as investors and shareholders examine changes within its leadership and ownership structure.
Beacon Roofing Supply is a leading distributor of residential and commercial roofing materials in North America serving contractors mainly in the United States and Canada.
The decrease in holdings by Swiss National Bank signifies a shift in their investment strategy or outlook on Beacon Roofing Supply. It is not uncommon for institutional investors to adjust their portfolios based on various factors such as changes in market conditions, financial performance, or company outlook.
Meanwhile, the sale of stocks by company insiders may indicate a variety of reasons including personal financial considerations or changes in their vested interest and confidence in Beacon Roofing Supply’s future prospects. Insider selling is closely monitored by investors as it can provide insights into how those who know the company best view its current and future performance.
As with any investment decision, it is essential for investors to carefully analyze available information, evaluate potential risks and rewards, and seek expert advice if necessary before making any decisions regarding Beacon Roofing Supply or any other investment opportunity.
Please note that this article provides an overview of recent developments at Beacon Roofing Supply Inc. It does not constitute investment advice. Investors should conduct independent research and consult with financial professionals before making any investment decisions.
Beacon Roofing Supply, Inc.
BECN
Strong Buy
Updated on: 30/08/2023
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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Institutional Investors Show Confidence in Beacon Roofing Supply’s Growth Prospects
Beacon Roofing Supply, Inc. (NASDAQ: BECN) has been attracting the attention of several institutional investors, signaling confidence in the company’s growth prospects. One notable investor is Connor Clark & Lunn Investment Management Ltd., which purchased a new stake in BECN shares valued at approximately $385,000 during the first quarter.
Another significant investor, Mitsubishi UFJ Trust & Banking Corp, also acquired a stake in BECN during the same period. Their investment was valued at around $29,000, showcasing their belief in Beacon Roofing Supply’s potential.
Principal Financial Group Inc. increased its holdings in BECN by 6.9% during the first quarter. The organization now owns 5,725 shares of the company’s stock valued at $337,000 after purchasing an additional 372 shares.
Furthermore, Gladius Capital Management LP raised its holdings in BECN by 43.3% during the first quarter. The firm now possesses 1,483 shares of BECN stock worth $88,000 after purchasing an additional 448 shares.
Russell Investments Group Ltd. also showed interest in Beacon Roofing Supply and raised its holdings by 104.5% during the first quarter. They now own 87,169 shares of BECN stock valued at $5,130,000 after acquiring an additional 44,534 shares.
Numerous brokerage firms have commented on Beacon Roofing Supply recently as well. Truist Financial increased their target price on BECN shares from $85 to $95 and gave the company a “hold” rating.
StockNews.com initiated coverage on Beacon Roofing Supply with a “buy” rating for the stock’s performance prospects.
Jefferies Financial Group also expressed a “hold” rating for BECN but increased their price target from $75 to $88.
Raymond James maintained a more optimistic outlook and raised their price target on Beacon Roofing Supply from $75 to $95, providing an “outperform” rating for the company.
The Street, however, downgraded Beacon Roofing Supply from a “b” rating to a “c” rating in their research report.
Overall, analysts have given Beacon Roofing Supply varying ratings of buy, hold, and sell. To date, Bloomberg.com states that the stock has an average rating of “hold” with a consensus target price of $86.80.
On Tuesday, BECN stock opened at $78.18. The firm’s 50-day moving average stands at $82.27 while the 200-day moving average is at $69.51.
With regards to financials, Beacon Roofing Supply reported strong earnings for the quarter ending on August 3rd. The company exceeded analysts’ consensus estimates of $2.27 EPS by reporting $2.66 EPS – an impressive beat of $0.39 per share.
Additionally, Beacon Roofing Supply showcased a net margin of 4.69% and a return on equity of 25.15% during this period. The company generated revenue of $2.50 billion for the quarter, aligned with analyst predictions.
Sell-side analysts are optimistic about Beacon Roofing Supply’s future performance and forecast that it will post earnings per share of 6.91 for the current fiscal year.
Beacon Roofing Supply has demonstrated its ability to attract institutional investors who believe in its potential growth opportunities. As the company continues to deliver solid financial results and gain support from analysts in the industry, it remains well-positioned for success in the market.
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