Kendall Capital Management Decreases Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Kendall Capital Management decreased its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 27.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,185 shares of the company’s stock after selling 1,200 shares during the quarter. Kendall Capital Management’s holdings in Beacon Roofing Supply were worth $324,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of BECN. FMR LLC raised its position in Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after buying an additional 963,633 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Beacon Roofing Supply by 1,449.0% during the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after purchasing an additional 575,852 shares during the period. Citigroup Inc. grew its stake in shares of Beacon Roofing Supply by 1,192.1% during the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after purchasing an additional 473,937 shares during the period. 140 Summer Partners LP bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at about $29,343,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Beacon Roofing Supply during the 4th quarter valued at about $24,162,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Stephens restated an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Zelman & Associates downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Robert W. Baird boosted their price target on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Finally, BMO Capital Markets cut their price objective on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Beacon Roofing Supply currently has a consensus rating of “Hold” and an average target price of $119.95.

Beacon Roofing Supply Stock Down 0.8 %

Shares of BECN opened at $111.10 on Monday. The business’s 50 day simple moving average is $113.67 and its 200-day simple moving average is $102.39. Beacon Roofing Supply, Inc. has a 1 year low of $77.54 and a 1 year high of $121.42. The stock has a market capitalization of $6.84 billion, a price-to-earnings ratio of 18.99 and a beta of 1.63. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

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

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.