Renaissance Technologies LLC Sells 294,400 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Renaissance Technologies LLC reduced its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 73.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 107,557 shares of the company’s stock after selling 294,400 shares during the quarter. Renaissance Technologies LLC owned about 0.17% of Beacon Roofing Supply worth $9,734,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Beacon Roofing Supply by 14.1% during the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock worth $689,814,000 after buying an additional 872,216 shares during the period. Norges Bank purchased a new position in shares of Beacon Roofing Supply during the 4th quarter worth about $59,850,000. Boston Partners grew its holdings in Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after purchasing an additional 569,627 shares during the last quarter. Intrinsic Edge Capital Management LLC purchased a new stake in Beacon Roofing Supply in the 4th quarter worth about $33,416,000. Finally, Jupiter Asset Management Ltd. lifted 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 worth $39,150,000 after purchasing an additional 370,756 shares during the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of Beacon Roofing Supply stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total value of $138,295.00. Following the transaction, the executive vice president now owns 320 shares in the company, valued at $27,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Beacon Roofing Supply news, CFO Prithvi Gandhi acquired 5,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was purchased 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 directly owns 5,000 shares of the company’s stock, valued at $411,450. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 value of $138,295.00. Following the transaction, the executive vice president now directly owns 320 shares in the company, valued at $27,200. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Beacon Roofing Supply Trading Down 0.9 %

NASDAQ BECN opened at $85.03 on Tuesday. Beacon Roofing Supply, Inc. has a one year low of $68.50 and a one year high of $105.42. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.09 and a current ratio of 1.90. The company has a market capitalization of $5.41 billion, a price-to-earnings ratio of -134.97 and a beta of 1.55. The company’s 50-day simple moving average is $88.99 and its two-hundred day simple moving average is $92.84.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.47). The business had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.66 earnings per share. Equities analysts forecast that Beacon Roofing Supply, Inc. will post 7.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BECN has been the topic of several recent analyst reports. Stephens reduced their price target on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. JPMorgan Chase & Co. lifted their target price on Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Royal Bank of Canada cut their price target 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. Finally, Robert W. Baird decreased their price objective on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $111.30.

Beacon Roofing Supply Company 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.