Thrivent Financial for Lutherans Decreases Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Thrivent Financial for Lutherans trimmed its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 11.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 160,410 shares of the company’s stock after selling 21,561 shares during the quarter. Thrivent Financial for Lutherans owned 0.25% of Beacon Roofing Supply worth $14,517,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Quantedge Capital Pte Ltd purchased a new position in shares of Beacon Roofing Supply in the fourth quarter worth $2,498,000. Capstone Investment Advisors LLC bought a new stake in Beacon Roofing Supply in the first quarter valued at $1,664,000. Benson Investment Management Company Inc. bought a new stake in Beacon Roofing Supply in the first quarter valued at $3,807,000. Goldman Sachs Group Inc. boosted its holdings in Beacon Roofing Supply by 11.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 602,287 shares of the company’s stock valued at $52,411,000 after acquiring an additional 62,690 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Beacon Roofing Supply in the fourth quarter valued at $711,000. 98.45% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 2,955 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $91.11, for a total value of $269,230.05. Following the completion of the transaction, the executive vice president now owns 320 shares of the company’s stock, valued at approximately $29,155.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Beacon Roofing Supply news, CFO Prithvi Gandhi bought 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $82.29 per share, with a total value of $411,450.00. Following the transaction, the chief financial officer now owns 5,000 shares in the company, valued at $411,450. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher Carl Nelson sold 2,955 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $91.11, for a total value of $269,230.05. Following the completion of the transaction, the executive vice president now directly owns 320 shares of the company’s stock, valued at approximately $29,155.20. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.

Beacon Roofing Supply Stock Performance

Shares of Beacon Roofing Supply stock opened at $84.47 on Wednesday. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of -134.07 and a beta of 1.55. The firm’s 50-day moving average is $88.63 and its 200 day moving average is $92.83. Beacon Roofing Supply, Inc. has a 1 year low of $68.50 and a 1 year high of $105.42. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.90 and a quick ratio of 1.09.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, August 1st. The company reported $2.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). The firm had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.66 EPS. Sell-side analysts anticipate that Beacon Roofing Supply, Inc. will post 7.39 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Robert W. Baird cut their price target on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Stephens cut their price target on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. Finally, Royal Bank of Canada dropped their target price on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Beacon Roofing Supply has a consensus rating of “Moderate Buy” and an average price target of $111.30.

Beacon Roofing Supply 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.