Beacon Roofing Supply, Inc. (NASDAQ:BECN) Position Lessened by Creative Planning

Creative Planning trimmed its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 1.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 11,004 shares of the company’s stock after selling 173 shares during the quarter. Creative Planning’s holdings in Beacon Roofing Supply were worth $951,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capstone Investment Advisors LLC purchased a new stake in shares of Beacon Roofing Supply during the first quarter worth $1,664,000. Acadian Asset Management LLC raised its holdings in Beacon Roofing Supply by 15.3% during the first quarter. Acadian Asset Management LLC now owns 374,276 shares of the company’s stock valued at $36,671,000 after buying an additional 49,634 shares in the last quarter. Boston Partners raised its holdings in Beacon Roofing Supply by 79.6% during the first quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after buying an additional 569,627 shares in the last quarter. Blair William & Co. IL bought a new position in Beacon Roofing Supply during the first quarter valued at about $644,000. Finally, Bayesian Capital Management LP bought a new position in Beacon Roofing Supply during the first quarter valued at about $572,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Stephens cut their target price on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Robert W. Baird lifted their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Royal Bank of Canada lifted their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Benchmark reiterated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply has an average rating of “Moderate Buy” and a consensus target price of $115.00.

Beacon Roofing Supply Stock Performance

NASDAQ:BECN opened at $93.34 on Friday. Beacon Roofing Supply, Inc. has a 1 year low of $71.48 and a 1 year high of $105.42. The firm has a 50 day moving average of $88.91 and a 200-day moving average of $92.22. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75. The stock has a market capitalization of $5.78 billion, a P/E ratio of 15.96 and a beta of 1.55.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Wednesday, October 30th. The company reported $2.80 EPS for the quarter, missing the consensus estimate of $2.88 by ($0.08). The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.78 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.64%. As a group, sell-side analysts anticipate that Beacon Roofing Supply, Inc. will post 7.37 EPS for the current fiscal year.

Insider Activity

In related news, CFO Prithvi Gandhi bought 5,000 shares of Beacon Roofing Supply stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $82.29 per share, with a total value of $411,450.00. Following the purchase, the chief financial officer now owns 5,000 shares in the company, valued at approximately $411,450. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the sale, the insider now directly owns 9,131 shares of the company’s stock, valued at approximately $821,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Prithvi Gandhi purchased 5,000 shares of the stock in a transaction on Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the acquisition, the chief financial officer now owns 5,000 shares in the company, valued at approximately $411,450. The disclosure for this purchase can be found here. 1.30% of the stock is owned by company insiders.

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.