Cornerstone Investment Partners LLC Boosts Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Cornerstone Investment Partners LLC lifted its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 25.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,656 shares of the company’s stock after buying an additional 940 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in Beacon Roofing Supply were worth $405,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Xponance Inc. boosted its stake in shares of Beacon Roofing Supply by 12.3% in the fourth quarter. Xponance Inc. now owns 3,723 shares of the company’s stock valued at $324,000 after buying an additional 408 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Beacon Roofing Supply by 16.7% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 16,800 shares of the company’s stock worth $1,462,000 after purchasing an additional 2,400 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Beacon Roofing Supply by 28.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,044 shares of the company’s stock worth $874,000 after purchasing an additional 2,248 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Beacon Roofing Supply by 5.8% during the fourth quarter. Mackenzie Financial Corp now owns 8,077 shares of the company’s stock worth $703,000 after purchasing an additional 445 shares during the last quarter. Finally, WCM Investment Management LLC raised its holdings in Beacon Roofing Supply by 2.4% during the fourth quarter. WCM Investment Management LLC now owns 337,206 shares of the company’s stock worth $29,657,000 after purchasing an additional 7,825 shares during the last quarter. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Trading Up 0.7 %

BECN stock traded up $0.63 during trading on Friday, reaching $94.05. 186,256 shares of the stock traded hands, compared to its average volume of 712,046. The business’s 50 day moving average price is $91.33 and its 200-day moving average price is $84.27. Beacon Roofing Supply, Inc. has a 52-week low of $56.94 and a 52-week high of $102.83. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06. The firm has a market capitalization of $5.97 billion, a PE ratio of -198.77 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a net margin of 4.74% and a return on equity of 26.95%. The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same period last year, the firm posted $1.18 EPS. Beacon Roofing Supply’s revenue was up 16.8% on a year-over-year basis. As a group, sell-side analysts forecast that Beacon Roofing Supply, Inc. will post 7.85 earnings per share for the current year.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Jason L. Taylor sold 1,805 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $95.00, for a total value of $171,475.00. Following the completion of the sale, the insider now owns 10,531 shares of the company’s stock, valued at $1,000,445. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Jason L. Taylor sold 1,805 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $95.00, for a total value of $171,475.00. Following the completion of the sale, the insider now owns 10,531 shares of the company’s stock, valued at $1,000,445. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Christopher Carl Nelson sold 3,268 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $93.87, for a total value of $306,767.16. Following the completion of the sale, the executive vice president now directly owns 176 shares of the company’s stock, valued at approximately $16,521.12. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BECN. JPMorgan Chase & Co. reduced their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating for the company in a report on Thursday, January 11th. Benchmark began coverage on Beacon Roofing Supply in a report on Thursday. They set a “buy” rating and a $135.00 price objective for the company. Loop Capital lifted their price objective on Beacon Roofing Supply from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Robert W. Baird raised Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $99.00 to $115.00 in a report on Thursday, February 29th. Finally, TheStreet raised Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Beacon Roofing Supply has a consensus rating of “Moderate Buy” and an average price target of $102.92.

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.