Beacon Roofing Supply, Inc. (NASDAQ:BECN) Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. increased its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 9.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,165,267 shares of the company’s stock after purchasing an additional 539,785 shares during the period. Vanguard Group Inc. owned 9.72% of Beacon Roofing Supply worth $536,502,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BECN. Norges Bank acquired a new stake in Beacon Roofing Supply during the fourth quarter worth about $59,850,000. Intrinsic Edge Capital Management LLC purchased a new position in Beacon Roofing Supply during the fourth quarter worth about $33,416,000. Frontier Capital Management Co. LLC boosted its stake in Beacon Roofing Supply by 17.3% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,126,533 shares of the company’s stock worth $185,051,000 after buying an additional 314,102 shares during the period. Boston Partners boosted its stake in Beacon Roofing Supply by 64.5% during the fourth quarter. Boston Partners now owns 715,612 shares of the company’s stock worth $62,277,000 after buying an additional 280,583 shares during the period. Finally, American Century Companies Inc. boosted its stake in Beacon Roofing Supply by 9.3% during the third quarter. American Century Companies Inc. now owns 2,734,447 shares of the company’s stock worth $211,017,000 after buying an additional 233,393 shares during the period. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Beacon Roofing Supply Stock Down 1.2 %

Shares of Beacon Roofing Supply stock opened at $92.88 on Tuesday. Beacon Roofing Supply, Inc. has a 52-week low of $68.50 and a 52-week high of $103.75. The company has a 50 day moving average of $96.29 and a 200 day moving average of $91.05. The company has a quick ratio of 1.02, a current ratio of 1.87 and a debt-to-equity ratio of 1.47. The company has a market capitalization of $5.91 billion, a P/E ratio of -147.43 and a beta of 1.58.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.39%. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.88 billion. As a group, research analysts forecast that Beacon Roofing Supply, Inc. will post 7.79 EPS for the current fiscal year.

Insiders Place Their Bets

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 transaction of $306,767.16. Following the sale, the executive vice president now owns 176 shares of the company’s stock, valued at $16,521.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. BMO Capital Markets raised their price objective 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. Truist Financial raised their price objective on shares of Beacon Roofing Supply from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, May 3rd. Benchmark initiated coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They issued a “buy” rating and a $135.00 price objective for the company. Finally, TheStreet raised shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply has a consensus rating of “Moderate Buy” and a consensus target price of $109.45.

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.