Beacon Roofing Supply, Inc. (NASDAQ:BECN) Shares Bought by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC grew its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 25.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 4,656 shares of the company’s stock after buying an additional 940 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in Beacon Roofing Supply were worth $405,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of BECN. Advisor Group Holdings Inc. lifted its holdings in shares of Beacon Roofing Supply by 37.5% in the first quarter. Advisor Group Holdings Inc. now owns 1,101 shares of the company’s stock valued at $65,000 after purchasing an additional 300 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Beacon Roofing Supply by 11.6% in the first quarter. Raymond James & Associates now owns 13,449 shares of the company’s stock valued at $797,000 after purchasing an additional 1,397 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Beacon Roofing Supply in the first quarter valued at $317,000. AlphaCrest Capital Management LLC lifted its holdings in shares of Beacon Roofing Supply by 4.0% in the first quarter. AlphaCrest Capital Management LLC now owns 7,063 shares of the company’s stock valued at $419,000 after purchasing an additional 273 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Beacon Roofing Supply by 27.0% in the first quarter. Bank of Montreal Can now owns 10,659 shares of the company’s stock valued at $665,000 after purchasing an additional 2,267 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Insider Activity

In other news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $93.87, for a total value of $306,767.16. Following the sale, the executive vice president now directly owns 176 shares of the company’s stock, valued at $16,521.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the sale, the executive vice president now directly owns 176 shares of the company’s stock, valued at $16,521.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $95.00, for a total value of $171,475.00. Following the sale, the insider now directly owns 10,531 shares in the company, valued at $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BECN. Loop Capital increased their target price on Beacon Roofing Supply from $110.00 to $115.00 and gave the company a “buy” rating in a report on Monday, April 1st. TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a report on Tuesday, February 27th. StockNews.com upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating in a report on Tuesday. 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, February 29th. Finally, BMO Capital Markets increased their price objective on Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.92.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ:BECN traded up $0.63 during midday trading on Friday, hitting $94.05. The company’s stock had a trading volume of 186,256 shares, compared to its average volume of 712,046. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of -198.77 and a beta of 1.63. The stock’s 50 day simple moving average is $91.33 and its 200 day simple moving average is $84.27. Beacon Roofing Supply, Inc. has a fifty-two week low of $56.94 and a fifty-two week high of $102.83. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.22). The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.18 earnings per share. As a group, research analysts anticipate that Beacon Roofing Supply, Inc. will post 7.85 earnings per share for the current year.

Beacon Roofing Supply Profile

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the 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. The company 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.