Point72 Hong Kong Ltd Makes New Investment in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Point72 Hong Kong Ltd bought a new position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 7,500 shares of the company’s stock, valued at approximately $679,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BECN. Vanguard Group Inc. increased its stake in Beacon Roofing Supply by 14.1% in the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock worth $689,814,000 after purchasing an additional 872,216 shares during the period. Boston Partners increased its stake in shares of Beacon Roofing Supply by 79.6% during the first quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after buying an additional 569,627 shares during the period. Intrinsic Edge Capital Management LLC purchased a new position in shares of Beacon Roofing Supply during the fourth quarter valued at $33,416,000. Jupiter Asset Management Ltd. increased its stake in shares of Beacon Roofing Supply by 1,293.8% during the first quarter. Jupiter Asset Management Ltd. now owns 399,412 shares of the company’s stock valued at $39,150,000 after buying an additional 370,756 shares during the period. Finally, Zimmer Partners LP purchased a new position in shares of Beacon Roofing Supply during the first quarter valued at $35,777,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Price Performance

Shares of BECN stock opened at $87.55 on Friday. Beacon Roofing Supply, Inc. has a 1-year low of $68.50 and a 1-year high of $105.42. The stock’s 50-day moving average is $88.15 and its 200 day moving average is $92.74. The company has a market cap of $5.42 billion, a P/E ratio of -138.97 and a beta of 1.55. 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 issued its quarterly earnings results on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.47). The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. Beacon Roofing Supply’s revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.66 EPS. Research analysts predict that Beacon Roofing Supply, Inc. will post 7.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total value of $138,295.00. Following the completion of the sale, the executive vice president now owns 320 shares of the company’s stock, valued at $27,200. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Beacon Roofing Supply news, CFO Prithvi Gandhi purchased 5,000 shares of the 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 completion of the acquisition, the chief financial officer now owns 5,000 shares in the company, valued at $411,450. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, EVP Christopher Carl Nelson sold 1,627 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $85.00, for a total value of $138,295.00. Following the completion of the sale, the executive vice president now directly owns 320 shares of the company’s stock, valued at approximately $27,200. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on BECN shares. Royal Bank of Canada cut their price target on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Stephens cut their price target on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Finally, Robert W. Baird cut their price target on Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Beacon Roofing Supply presently has an average rating of “Moderate Buy” and a consensus target price 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.