2,542 Shares in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Bought by Truist Financial Corp

Truist Financial Corp acquired a new stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,542 shares of the company’s stock, valued at approximately $230,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Beacon Roofing Supply by 14.1% in the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock worth $689,814,000 after acquiring an additional 872,216 shares during the last quarter. Boston Partners lifted its position in shares of Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after purchasing an additional 569,627 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Beacon Roofing Supply by 6.4% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 811,047 shares of the company’s stock worth $73,400,000 after purchasing an additional 49,040 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in Beacon Roofing Supply in the second quarter valued at $39,606,000. Finally, Jupiter Asset Management Ltd. raised its stake in Beacon Roofing Supply by 1,293.8% in the first quarter. Jupiter Asset Management Ltd. now owns 399,412 shares of the company’s stock valued at $39,150,000 after buying an additional 370,756 shares in the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Beacon Roofing Supply Stock Performance

Shares of Beacon Roofing Supply stock opened at $95.64 on Friday. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of -151.81 and a beta of 1.55. The firm’s fifty day simple moving average is $87.54 and its 200-day simple moving average is $92.55. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.90 and a quick ratio of 1.09. Beacon Roofing Supply, Inc. has a 12 month low of $68.50 and a 12 month high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. The business had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.69 billion. During the same period in the previous year, the company posted $2.66 earnings per share. Beacon Roofing Supply’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, equities analysts forecast that Beacon Roofing Supply, Inc. will post 7.37 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on BECN. Robert W. Baird upped their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday. Stephens lowered their price target on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Finally, Royal Bank of Canada cut their price objective on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.33.

Insider Buying and Selling at Beacon Roofing Supply

In related news, CFO Prithvi Gandhi purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average price of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the purchase, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $411,450. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Prithvi Gandhi bought 5,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average price of $82.29 per share, with a total value of $411,450.00. Following the completion of the acquisition, the chief financial officer now directly 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 is accessible through this hyperlink. Also, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the transaction, the executive vice president now directly owns 320 shares of the company’s stock, valued at $27,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

About Beacon Roofing Supply

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.