Beacon Roofing Supply, Inc. (NASDAQ:BECN) Insider Sells $3,657,538.20 in Stock

Beacon Roofing Supply, Inc. (NASDAQ:BECN) insider Clement Munroe Best III sold 29,724 shares of the stock in a transaction on Friday, April 4th. The stock was sold at an average price of $123.05, for a total value of $3,657,538.20. Following the completion of the sale, the insider now owns 87,943 shares of the company’s stock, valued at $10,821,386.15. The trade was a 25.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Beacon Roofing Supply Price Performance

BECN stock traded down $0.33 during trading on Monday, hitting $122.10. 4,223,330 shares of the company’s stock traded hands, compared to its average volume of 1,064,585. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 week high of $123.90. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of 20.87 and a beta of 1.31. The business has a fifty day simple moving average of $119.22 and a 200 day simple moving average of $107.86. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. As a group, research analysts expect that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Loop Capital reiterated a “hold” rating and set a $124.00 target price on shares of Beacon Roofing Supply in a research report on Friday, March 21st. Stifel Nicolaus lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their price objective for the company from $131.00 to $122.55 in a report on Friday, February 7th. William Blair reiterated a “market perform” rating on shares of Beacon Roofing Supply in a research report on Thursday, March 20th. Royal Bank of Canada lowered shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and upped their target price for the stock from $124.00 to $124.35 in a research report on Wednesday, April 2nd. Finally, StockNews.com assumed coverage on shares of Beacon Roofing Supply in a report on Wednesday, April 2nd. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $122.10.

Institutional Investors Weigh In On Beacon Roofing Supply

Institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Beacon Roofing Supply during the 4th quarter valued at approximately $94,573,000. Balyasny Asset Management L.P. purchased a new position in Beacon Roofing Supply during the fourth quarter worth $68,588,000. Frontier Capital Management Co. LLC increased its position in Beacon Roofing Supply by 16.0% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock valued at $242,247,000 after acquiring an additional 329,047 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Beacon Roofing Supply by 253.2% in the fourth quarter. Bank of America Corp DE now owns 424,473 shares of the company’s stock valued at $43,118,000 after acquiring an additional 304,287 shares during the period. Finally, Spruce House Investment Management LLC lifted its holdings in shares of Beacon Roofing Supply by 146.3% in the 4th quarter. Spruce House Investment Management LLC now owns 500,000 shares of the company’s stock worth $50,790,000 after acquiring an additional 297,000 shares during the last quarter. 98.45% of the stock is owned by institutional investors.

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.