Driehaus Capital Management LLC Takes Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Driehaus Capital Management LLC purchased a new stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 437,637 shares of the company’s stock, valued at approximately $39,606,000. Driehaus Capital Management LLC owned about 0.69% of Beacon Roofing Supply as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of BECN. Allspring Global Investments Holdings LLC bought a new position in Beacon Roofing Supply during the 1st quarter worth $26,000. PNC Financial Services Group Inc. raised its position in Beacon Roofing Supply by 145.0% during the 4th 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 last quarter. Quarry LP raised its position in Beacon Roofing Supply by 127.1% during the 4th quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after purchasing an additional 225 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Beacon Roofing Supply by 28.4% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock worth $52,000 after purchasing an additional 116 shares during the last quarter. Finally, Plato Investment Management Ltd raised its position in Beacon Roofing Supply by 140.3% during the 1st quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock worth $109,000 after purchasing an additional 648 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors.

Beacon Roofing Supply Stock Performance

Shares of BECN opened at $87.72 on Friday. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.90 and a quick ratio of 1.09. The stock has a 50-day moving average of $87.97 and a 200-day moving average of $92.75. The company has a market cap of $5.58 billion, a PE ratio of -139.24 and a beta of 1.55. Beacon Roofing Supply, Inc. has a one year low of $68.50 and a one year high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.69 billion. Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. Beacon Roofing Supply’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.66 EPS. On average, equities research analysts predict that Beacon Roofing Supply, Inc. will post 7.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BECN shares. Robert W. Baird lowered their price objective on Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Royal Bank of Canada lowered their price objective 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 objective on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Beacon Roofing Supply has an average rating of “Moderate Buy” and an average target price of $111.30.

Insiders Place Their Bets

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of Beacon Roofing Supply stock in a transaction that occurred on 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 owns 320 shares of the company’s stock, valued at approximately $27,200. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Prithvi Gandhi purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $82.29 per share, with a total value of $411,450.00. Following the acquisition, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $411,450. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher Carl Nelson sold 1,627 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the completion of the sale, the executive vice president now directly owns 320 shares in the company, valued at approximately $27,200. The disclosure for this sale can be found here. 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.