Texas Teachers’ Retirement System Increases Beacon Roofing Supply, Inc. Stock Position (NASDAQ:BECN)
Teacher Retirement System of Texas increased its equity stake in Beacon Roofing Supply, Inc. (NASDAQ: BECN – Get a rating) by 6.2% during the 1st quarter, according to its last Form 13F filed with the Securities and Exchange Commission. The company held 11,601 shares of the company after purchasing an additional 681 shares during the quarter. Teacher Retirement System of Texas’ holdings in Beacon Roofing Supply were worth $688,000 when it was last filed with the Securities and Exchange Commission.
Several other large investors have also recently increased or reduced their stake in BECN. Commonwealth Equity Services LLC increased its position in Beacon Roofing Supply by 4.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 6,146 shares of the company worth $352,000 after purchasing an additional 247 shares during the period. Mercer Global Advisors Inc. ADV increased its position in Beacon Roofing Supply by 43.6% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 12,811 shares of the company worth $735,000 after purchasing 3,887 additional shares during the period. Envestnet Asset Management Inc. increased its position in Beacon Roofing Supply by 1.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 19,242 shares of the company worth $1,104,000 after purchasing an additional 341 shares during the period. American Century Companies Inc. increased its position in Beacon Roofing Supply by 14.8% during the fourth quarter. American Century Companies Inc. now owns 3,337,122 shares of the company worth $191,384,000 after purchasing an additional 429,543 shares during the period. Finally, Cornerstone Investment Partners LLC acquired a new position in Beacon Roofing Supply during the fourth quarter worth approximately $274,000.
Analyst upgrades and downgrades
Several brokerages have commented on BECN. Wells Fargo & Company lowered its price target on Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating for the company in a Tuesday, June 28 research note. Stephens lowered its price target on Beacon Roofing Supply from $72.00 to $64.00 and set an “equal weight” rating for the company in a Monday, August 8 research note. Royal Bank of Canada downgraded Beacon Roofing Supply from an “outperform” rating to an “sector performer” rating and lowered its price target for the stock from $70.00 to $58.00 in a research note from Wednesday, June 22. Deutsche Bank Aktiengesellschaft began covering Beacon Roofing Supply in a research note on Wednesday. They set a “buy” rating for the company. Finally, JPMorgan Chase & Co. lowered its price target on Beacon Roofing Supply from $66.00 to $59.00 in a Friday July 15 research note. Seven analysts rated the stock with a hold rating and two gave the stock a buy rating. According to data from MarketBeat.com, Beacon Roofing Supply currently has an average rating of “Hold” and a consensus price target of $62.43.
Insider Activity at Beacon Roofing Supply
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix purchased 103,931 shares of Beacon Roofing Supply in a trade that took place on Friday July 29th. The shares were purchased at an average price of $57.73 per share, with a total value of $5,999,936.63. Following the completion of the acquisition, the insider now owns 14,859,579 shares of the company, valued at approximately $857,843,495.67. The purchase was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website. 0.95% of the shares are currently held by insiders of the company.
Beacon Roofing Supply Price Performance
BECN share opened at $61.40 on Friday. The company has a debt ratio of 1.24, a quick ratio of 1.02 and a current ratio of 1.91. Beacon Roofing Supply, Inc. has a 1 year minimum of $45.71 and a 1 year maximum of $65.30. The company has a market capitalization of $3.99 billion, a P/E ratio of 13.04 and a beta of 1.79. The stock has a 50-day simple moving average of $56.03 and a 200-day simple moving average of $58.30.
Beacon Roofing Supply (NASDAQ: BECN – Get a rating) last released its results on Thursday, August 4. The company reported earnings per share (EPS) of $2.80 for the quarter, beating analyst consensus estimates of $2.36 by $0.44. Beacon Roofing Supply had a return on equity of 29.19% and a net margin of 5.25%. The company posted revenue of $2.36 billion in the quarter, versus analyst estimates of $2.28 billion. In the same quarter last year, the company earned earnings per share of $1.59. The company’s revenue for the quarter increased by 26.0% compared to the same quarter last year. On average, stock analysts predict Beacon Roofing Supply, Inc. will post earnings per share of 6.87 for the current fiscal year.
Beacon Roofing Supply Company Profile
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials and complementary building products to contractors, home builders, building owners, lumber yards and retailers. It offers pitched roofs and low-slope roofing products; gutters and siding; building materials, such as wood and composite materials, skylights and windows, plywood and OSB, decking and railings, and HVAC products; and foam board, spray foam, rolls, batts, mineral wool, fiberglass and commercial insulation products, as well as radiant barriers and blown insulation and equipment.
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