The State Board of Administration of Florida Retirement System sells 1,950 shares of Beacon Roofing Supply, Inc. (NASDAQ: BECN)
The State Board of Administration of Florida Retirement System reduced its position in shares of Beacon Roofing Supply, Inc. (NASDAQ: BECN – Get a rating) by 7.9% during the 1st quarter, according to its last filing with the Securities and Exchange Commission (SEC). The fund held 22,858 shares of the company after selling 1,950 shares during the quarter. The State Board of Administration of Florida Retirement System’s holdings in Beacon Roofing Supply were worth $1,355,000 when it last filed with the SEC.
Several other hedge funds and other institutional investors also bought and sold shares of BECN. Allspring Global Investments Holdings LLC bought a new position in Beacon Roofing Supply during Q4 for a value of approximately $1,394,000. Commonwealth Equity Services LLC increased its stake in Beacon Roofing Supply by 4.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 6,146 shares of the company valued at $352,000 after purchasing an additional 247 shares last quarter. Zurcher Kantonalbank Zurcher Kantonalbank increased its stake in Beacon Roofing Supply by 65.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,186 shares of the company valued at $527,000 after buying 3,626 additional shares last quarter. Virginia Retirement Systems ET AL increased its stake in Beacon Roofing Supply by 151.8% in the fourth quarter. Virginia Retirement Systems ET AL now owns 14,100 shares of the company valued at $809,000 after purchasing an additional 8,500 shares last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in Beacon Roofing Supply by 43.6% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 12,811 shares of the company valued at $735,000 after buying 3,887 additional shares in the last quarter.
Beacon Roofing Supply trades up 1.8%
Shares of NASDAQ: BECN opened at $60.23 on Monday. Beacon Roofing Supply, Inc. has a 52 week low of $45.71 and a 52 week high of $65.30. The company has a market capitalization of $3.92 billion, a P/E ratio of 12.79 and a beta of 1.79. The company has a 50-day simple moving average of $56.25 and a 200-day simple moving average of $58.09. The company has a debt ratio of 1.24, a quick ratio of 0.92 and a current ratio of 1.91.
Beacon Roofing Supply (NASDAQ: BECN – Get a rating) last reported results on Thursday, August 4. The company reported earnings per share (EPS) of $2.80 for the quarter, beating the consensus estimate of $2.36 by $0.44. Beacon Roofing Supply posted a net margin of 5.25% and a return on equity of 29.19%. The company posted revenue of $2.36 billion in the quarter, versus a consensus estimate of $2.28 billion. During the same period last year, the company posted EPS of $1.59. Beacon Roofing Supply revenue increased 26.0% year over year. Sell-side analysts expect Beacon Roofing Supply, Inc. to post earnings per share of 6.73 for the current year.
Analysts set new price targets
BECN has been the subject of a number of research reports. Wells Fargo & Company cut its price target on Beacon Roofing Supply stock from $67.00 to $56.00 and set an “equal weight” rating on the stock in a Tuesday, June 28 research note . William Blair downgraded shares of Beacon Roofing Supply from an “outperforming” rating to a “market performing” rating in a Tuesday, July 19 research note. Royal Bank of Canada downgraded shares of Beacon Roofing Supply from an ‘outperform’ rating to an ‘sector performer’ rating and lowered its price target for the company from $70.00 to 58.00 $ in a report from Wednesday, June 22. JPMorgan Chase & Co. lowered its price target on shares of Beacon Roofing Supply from $66.00 to $59.00 in a Friday, July 15 report. Finally, Stephens lowered his price target on Beacon Roofing Supply shares from $72.00 to $64.00 and set an “equal weight” rating on the stock in a Monday, Aug. 8 report. Seven analysts gave the stock a hold rating and one gave the company a buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $62.43.
Insider Activity at Beacon Roofing Supply
Separately, major shareholder Cd&R Investment Associates Ix purchased 103,931 shares of the company in a transaction that took place on Friday, July 29. The shares were acquired at an average cost of $57.73 per share, for a total transaction of $5,999,936.63. Following the purchase, the insider now owns 14,859,579 shares of the company, valued at approximately $857,843,495.67. The transaction was disclosed in a legal filing 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 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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