PNC Financial Services Group Inc. Increases Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

PNC Financial Services Group Inc. boosted its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 38.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 591 shares of the company’s stock after purchasing an additional 163 shares during the period. PNC Financial Services Group Inc.’s holdings in Beacon Roofing Supply were worth $60,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Beacon Roofing Supply by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 603,748 shares of the company’s stock valued at $52,182,000 after buying an additional 5,497 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Beacon Roofing Supply in the 3rd quarter worth approximately $614,000. Harvest Fund Management Co. Ltd acquired a new stake in Beacon Roofing Supply in the third quarter valued at approximately $28,000. FMR LLC raised its stake in shares of Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after purchasing an additional 963,633 shares during the period. Finally, Quantbot Technologies LP raised its stake in shares of Beacon Roofing Supply by 169.2% during the third quarter. Quantbot Technologies LP now owns 23,529 shares of the company’s stock valued at $2,034,000 after purchasing an additional 14,788 shares during the period. 98.45% of the stock is owned by hedge funds and other institutional investors.

Beacon Roofing Supply Stock Up 0.0 %

BECN stock opened at $123.84 on Thursday. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 21.17 and a beta of 1.63. Beacon Roofing Supply, Inc. has a 1-year low of $77.54 and a 1-year high of $123.90. The firm has a fifty day moving average price of $118.02 and a two-hundred day moving average price of $105.31. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

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

Analyst Upgrades and Downgrades

BECN has been the subject of a number of recent analyst reports. Stifel Nicolaus lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and lowered their price target for the company from $131.00 to $122.55 in a report on Friday, February 7th. BMO Capital Markets lowered their target price on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Baird R W lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Raymond James downgraded Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a report on Friday, March 21st. Finally, Loop Capital restated a “hold” rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply presently has an average rating of “Hold” and a consensus target price of $120.95.

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.