Massachusetts Financial Services Co. MA Has $1.68 Million Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Massachusetts Financial Services Co. MA lowered its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 70.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 18,604 shares of the company’s stock after selling 43,903 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Beacon Roofing Supply were worth $1,684,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Beacon Roofing Supply in the 1st quarter worth approximately $26,000. PNC Financial Services Group Inc. lifted its position in Beacon Roofing Supply by 145.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after purchasing an additional 203 shares during the period. Quarry LP boosted its stake in Beacon Roofing Supply by 127.1% during the fourth quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after buying an additional 225 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in Beacon Roofing Supply by 28.4% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock valued at $52,000 after buying an additional 116 shares during the period. Finally, Plato Investment Management Ltd raised its stake in shares of Beacon Roofing Supply by 140.3% in the 1st quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock valued at $109,000 after buying an additional 648 shares in the last quarter. Institutional investors own 98.45% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on BECN. JPMorgan Chase & Co. upped their target price on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. Robert W. Baird dropped their target price on Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Royal Bank of Canada cut their target price on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Finally, Stephens lowered their price target on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Three equities research 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 presently has a consensus rating of “Moderate Buy” and an average price target of $111.30.

Insiders Place Their Bets

In other news, EVP Christopher Carl Nelson sold 1,627 shares of Beacon Roofing Supply stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $85.00, for a total value of $138,295.00. Following the completion of the sale, the executive vice president now directly owns 320 shares of the company’s stock, valued at approximately $27,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were 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 in the company, valued at approximately $27,200. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Prithvi Gandhi purchased 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 transaction, the chief financial officer now owns 5,000 shares in the company, valued at $411,450. The disclosure for this purchase can be found here. Company insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Price Performance

Shares of BECN stock opened at $85.84 on Monday. The stock’s fifty day moving average is $89.23 and its 200-day moving average is $92.86. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.09 and a current ratio of 1.90. Beacon Roofing Supply, Inc. has a 52 week low of $68.50 and a 52 week high of $105.42. The stock has a market capitalization of $5.46 billion, a PE ratio of -136.25 and a beta of 1.55.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. During the same quarter in the previous year, the business posted $2.66 EPS. The company’s revenue was up 6.8% compared to the same quarter last year. Equities research analysts expect that Beacon Roofing Supply, Inc. will post 7.39 EPS for the current fiscal 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.