Beacon Roofing Supply, Inc. (NASDAQ:BECN) Position Raised by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC raised its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 3.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 77,093 shares of the company’s stock after buying an additional 2,394 shares during the period. Wedge Capital Management L L P NC owned approximately 0.12% of Beacon Roofing Supply worth $6,709,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of BECN. Handelsbanken Fonder AB grew its position in Beacon Roofing Supply by 27.7% during the 4th quarter. Handelsbanken Fonder AB now owns 15,695 shares of the company’s stock worth $1,366,000 after purchasing an additional 3,400 shares in the last quarter. Cornerstone Investment Partners LLC grew its position in Beacon Roofing Supply by 25.3% during the 4th quarter. Cornerstone Investment Partners LLC now owns 4,656 shares of the company’s stock worth $405,000 after purchasing an additional 940 shares in the last quarter. Xponance Inc. grew its position in Beacon Roofing Supply by 12.3% during the 4th quarter. Xponance Inc. now owns 3,723 shares of the company’s stock worth $324,000 after purchasing an additional 408 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in Beacon Roofing Supply by 16.7% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 16,800 shares of the company’s stock worth $1,462,000 after purchasing an additional 2,400 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Beacon Roofing Supply by 28.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,044 shares of the company’s stock worth $874,000 after purchasing an additional 2,248 shares in the last quarter. Institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Trading Up 1.6 %

Shares of Beacon Roofing Supply stock opened at $97.55 on Wednesday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06. The firm has a 50 day simple moving average of $91.65 and a 200 day simple moving average of $84.67. Beacon Roofing Supply, Inc. has a fifty-two week low of $56.94 and a fifty-two week high of $102.83.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same period in the prior year, the business earned $1.18 EPS. The business’s revenue for the quarter was up 16.8% on a year-over-year basis. On average, analysts anticipate that Beacon Roofing Supply, Inc. will post 7.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total value of $306,767.16. Following the transaction, the executive vice president now directly owns 176 shares of the company’s stock, valued at $16,521.12. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the transaction, the executive vice president now directly owns 176 shares of the company’s stock, valued at $16,521.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the transaction, the insider now directly owns 10,531 shares in the company, valued at $1,000,445. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

BECN has been the topic of several research analyst reports. Loop Capital lifted their price objective on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. StockNews.com raised shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Tuesday, April 16th. TheStreet raised shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. BMO Capital Markets upped their target price on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research note on Thursday, January 11th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.92.

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.