Truist Financial Corp Makes New $230,000 Investment in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Truist Financial Corp acquired a new position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,542 shares of the company’s stock, valued at approximately $230,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in BECN. American International Group Inc. increased its position in Beacon Roofing Supply by 7.0% during the 4th quarter. American International Group Inc. now owns 28,836 shares of the company’s stock worth $2,509,000 after purchasing an additional 1,890 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Beacon Roofing Supply by 9.6% in the fourth quarter. Vanguard Group Inc. now owns 6,165,267 shares of the company’s stock worth $536,502,000 after acquiring an additional 539,785 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Beacon Roofing Supply by 145.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock valued at $30,000 after acquiring an additional 203 shares during the period. Los Angeles Capital Management LLC lifted its holdings in shares of Beacon Roofing Supply by 100.6% during the 1st quarter. Los Angeles Capital Management LLC now owns 31,213 shares of the company’s stock valued at $3,059,000 after acquiring an additional 15,654 shares in the last quarter. Finally, Global Assets Advisory LLC purchased a new stake in Beacon Roofing Supply during the 1st quarter worth $1,051,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Insider Activity at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $85.00, for a total value of $138,295.00. Following the completion of the transaction, the executive vice president now owns 320 shares in the company, valued at $27,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $27,200. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Prithvi Gandhi purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were purchased at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the purchase, the chief financial officer now owns 5,000 shares in the company, valued at $411,450. The disclosure for this purchase can be found here. Company insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Stock Performance

BECN opened at $95.64 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75. The business’s 50 day moving average is $87.54 and its 200-day moving average is $92.55. The stock has a market cap of $6.08 billion, a PE ratio of -151.81 and a beta of 1.55. Beacon Roofing Supply, Inc. has a twelve month low of $68.50 and a twelve month high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.47). Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. During the same quarter in the prior year, the business earned $2.66 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. On average, analysts predict that Beacon Roofing Supply, Inc. will post 7.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Robert W. Baird upped their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday. Royal Bank of Canada decreased their price target on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Stephens lowered their price objective on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $114.33.

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.