Bank of New York Mellon Corp Sells 10,811 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Bank of New York Mellon Corp trimmed its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 4.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 224,932 shares of the company’s stock after selling 10,811 shares during the quarter. Bank of New York Mellon Corp owned 0.36% of Beacon Roofing Supply worth $22,849,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. FMR LLC increased its stake in Beacon Roofing Supply by 17.6% in the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after acquiring an additional 963,633 shares during the last quarter. State Street Corp increased its stake in Beacon Roofing Supply by 1.1% in the third quarter. State Street Corp now owns 1,471,500 shares of the company’s stock valued at $127,182,000 after acquiring an additional 15,505 shares during the last quarter. Fisher Asset Management LLC increased its stake in Beacon Roofing Supply by 0.3% in the third quarter. Fisher Asset Management LLC now owns 993,715 shares of the company’s stock valued at $85,887,000 after acquiring an additional 2,607 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Beacon Roofing Supply by 2.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 985,199 shares of the company’s stock valued at $100,076,000 after acquiring an additional 22,122 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Beacon Roofing Supply by 1,449.0% in the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after acquiring an additional 575,852 shares during the last quarter. 98.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BECN has been the topic of a number of recent analyst reports. Stephens reissued an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. StockNews.com assumed coverage on shares of Beacon Roofing Supply in a research report on Sunday. They issued a “sell” rating on the stock. Benchmark restated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. Robert W. Baird raised their target price on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. Finally, Zelman & Associates lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply currently has a consensus rating of “Hold” and a consensus price target of $119.95.

Beacon Roofing Supply Price Performance

Shares of NASDAQ:BECN opened at $111.10 on Monday. The firm has a market cap of $6.84 billion, a PE ratio of 18.99 and a beta of 1.63. The firm’s fifty day moving average is $113.67 and its 200-day moving average is $102.39. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 week high of $121.42.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Sell-side analysts predict that Beacon Roofing Supply, Inc. will post 7.22 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.