Raymond James & Associates Increases Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Raymond James & Associates raised its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 29.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,462 shares of the company’s stock after buying an additional 12,433 shares during the period. Raymond James & Associates owned about 0.09% of Beacon Roofing Supply worth $4,707,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Beacon Roofing Supply in the first quarter valued at approximately $26,000. Blue Trust Inc. boosted its holdings in shares of Beacon Roofing Supply by 222.1% in the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after purchasing an additional 211 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Beacon Roofing Supply by 145.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock valued at $30,000 after purchasing an additional 203 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Beacon Roofing Supply by 154.0% in the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after purchasing an additional 445 shares during the period. Finally, Central Pacific Bank Trust Division boosted its holdings in shares of Beacon Roofing Supply by 66.7% in the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock valued at $108,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Robert W. Baird boosted their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Stephens reduced their price objective on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Benchmark reissued a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday. Finally, Royal Bank of Canada boosted their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $115.00.

Beacon Roofing Supply Stock Performance

Shares of BECN stock opened at $93.34 on Friday. The business’s fifty day simple moving average is $88.96 and its 200-day simple moving average is $92.20. The company has a market cap of $5.78 billion, a PE ratio of 15.96 and a beta of 1.55. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75. Beacon Roofing Supply, Inc. has a 12-month low of $71.48 and a 12-month high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $2.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.08). The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.78 billion. Beacon Roofing Supply had a return on equity of 25.64% and a net margin of 3.86%. Analysts expect that Beacon Roofing Supply, Inc. will post 7.37 earnings per share for the current fiscal year.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, CFO Prithvi Gandhi purchased 5,000 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the transaction, the chief financial officer now owns 5,000 shares in the company, valued at approximately $411,450. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the sale, the insider now directly owns 9,131 shares of the company’s stock, valued at $821,790. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Prithvi Gandhi acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the acquisition, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at approximately $411,450. The disclosure for this purchase can be found here. Insiders own 1.30% of the company’s stock.

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.