Global Assets Advisory LLC Takes Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Global Assets Advisory LLC bought a new position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,725 shares of the company’s stock, valued at approximately $1,051,000.

Several other hedge funds have also recently bought and sold shares of the business. Quantedge Capital Pte Ltd acquired a new stake in shares of Beacon Roofing Supply in the fourth quarter worth $2,498,000. Teacher Retirement System of Texas raised its position in Beacon Roofing Supply by 87.1% in the fourth quarter. Teacher Retirement System of Texas now owns 49,733 shares of the company’s stock valued at $4,328,000 after purchasing an additional 23,149 shares during the period. National Bank of Canada FI acquired a new position in shares of Beacon Roofing Supply during the fourth quarter worth about $2,439,000. Benson Investment Management Company Inc. purchased a new stake in shares of Beacon Roofing Supply in the first quarter worth about $3,807,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Beacon Roofing Supply by 11.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 602,287 shares of the company’s stock valued at $52,411,000 after buying an additional 62,690 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Performance

BECN stock opened at $89.18 on Thursday. The firm has a market cap of $5.67 billion, a P/E ratio of -141.56 and a beta of 1.58. The stock’s 50 day simple moving average is $96.13 and its 200 day simple moving average is $91.10. The company has a current ratio of 1.87, a quick ratio of 1.02 and a debt-to-equity ratio of 1.47. Beacon Roofing Supply, Inc. has a 12-month low of $68.50 and a 12-month high of $103.75.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.39%. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.88 billion. As a group, equities research analysts predict that Beacon Roofing Supply, Inc. will post 7.79 EPS for the current year.

Wall Street Analysts Forecast Growth

BECN has been the subject of a number of analyst reports. Loop Capital upped their price target on Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Benchmark initiated coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They set a “buy” rating and a $135.00 price target on the stock. BMO Capital Markets upped their price objective on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Truist Financial raised their target price on Beacon Roofing Supply from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Finally, StockNews.com downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating in a report on Monday, May 6th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $109.45.

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.