Duality Advisers LP acquired a new stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) in the second quarter, Holdings Channel.com reports. The fund acquired 50,105 shares of the company’s stock, valued at approximately $1,321,000.
Several other hedge funds have also recently bought and sold shares of the stock. Invesco Ltd. lifted its stake in Beacon Roofing Supply by 2.2% during the 1st quarter. Invesco Ltd. now owns 718,416 shares of the company’s stock worth $11,884,000 after acquiring an additional 15,685 shares in the last quarter. Arizona State Retirement System acquired a new stake in shares of Beacon Roofing Supply during the first quarter worth about $266,000. Swiss National Bank boosted its stake in shares of Beacon Roofing Supply by 1.4% in the first quarter. Swiss National Bank now owns 133,000 shares of the company’s stock valued at $2,200,000 after purchasing an additional 1,800 shares during the period. Federated Hermes Inc. acquired a new position in shares of Beacon Roofing Supply in the first quarter valued at approximately $2,663,000. Finally, Lord Abbett & CO. LLC purchased a new stake in Beacon Roofing Supply during the 1st quarter worth approximately $1,506,000.
Several equities analysts have commented on the stock. ValuEngine raised shares of Beacon Roofing Supply from a “sell” rating to a “hold” rating in a research report on Friday, May 1st. Wedbush reissued a “neutral” rating and set a $16.00 target price on shares of Beacon Roofing Supply in a research note on Wednesday, April 22nd. Deutsche Bank upped their price target on Beacon Roofing Supply from $20.00 to $26.00 and gave the stock a “hold” rating in a report on Tuesday, June 23rd. Northcoast Research raised shares of Beacon Roofing Supply from a “neutral” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Friday, July 17th. Finally, BidaskClub raised shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Saturday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $26.81.
NASDAQ BECN opened at $31.16 on Friday. The company has a debt-to-equity ratio of 2.06, a current ratio of 2.71 and a quick ratio of 1.78. Beacon Roofing Supply, Inc. has a 1 year low of $11.66 and a 1 year high of $37.47. The company has a market capitalization of $2.15 billion, a PE ratio of -18.22 and a beta of 1.82. The company has a fifty day moving average of $27.02 and a two-hundred day moving average of $25.63.
Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Thursday, May 7th. The company reported ($0.27) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.27). The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. Beacon Roofing Supply had a positive return on equity of 9.42% and a negative net margin of 1.24%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business earned ($1.08) EPS. On average, research analysts expect that Beacon Roofing Supply, Inc. will post 1.68 earnings per share for the current year.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.
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