Boston Partners Buys 569,627 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Boston Partners increased its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 79.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,285,239 shares of the company’s stock after buying an additional 569,627 shares during the quarter. Boston Partners owned 2.02% of Beacon Roofing Supply worth $126,082,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Plato Investment Management Ltd increased its holdings in Beacon Roofing Supply by 140.3% in the 1st quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock worth $109,000 after purchasing an additional 648 shares in the last quarter. Zimmer Partners LP acquired a new stake in shares of Beacon Roofing Supply in the first quarter valued at about $35,777,000. Comerica Bank increased its stake in shares of Beacon Roofing Supply by 109.5% in the first quarter. Comerica Bank now owns 89,967 shares of the company’s stock valued at $8,818,000 after buying an additional 47,028 shares during the period. California State Teachers Retirement System increased its stake in shares of Beacon Roofing Supply by 6.2% in the first quarter. California State Teachers Retirement System now owns 60,896 shares of the company’s stock valued at $5,969,000 after buying an additional 3,574 shares during the period. Finally, Interval Partners LP increased its stake in shares of Beacon Roofing Supply by 67.4% in the first quarter. Interval Partners LP now owns 214,352 shares of the company’s stock valued at $21,011,000 after buying an additional 86,315 shares during the period. Institutional investors and hedge funds own 98.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BECN. Benchmark began coverage on Beacon Roofing Supply in a research note on Thursday, April 18th. They issued a “buy” rating and a $135.00 price target for the company. JPMorgan Chase & Co. raised their target price on Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 28th. Robert W. Baird decreased their target price on Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a research note on Friday. Truist Financial increased their price target on Beacon Roofing Supply from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Finally, StockNews.com lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating in a report on Monday, May 6th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Moderate Buy” and an average target price of $111.00.

Insiders Place Their Bets

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 2,955 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $91.11, for a total value of $269,230.05. Following the completion of the sale, the executive vice president now directly owns 320 shares of the company’s stock, valued at $29,155.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock traded down $12.87 during mid-day trading on Friday, reaching $85.40. 2,831,446 shares of the company’s stock were exchanged, compared to its average volume of 673,079. The business’s fifty day simple moving average is $95.34 and its 200 day simple moving average is $92.72. The firm has a market capitalization of $5.43 billion, a PE ratio of -135.56 and a beta of 1.58. Beacon Roofing Supply, Inc. has a one year low of $68.50 and a one year high of $105.42. The company has a quick ratio of 1.02, a current ratio of 1.87 and a debt-to-equity ratio of 1.47.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). Beacon Roofing Supply had a return on equity of 25.83% and a net margin of 4.11%. The business had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter last year, the business posted $2.66 earnings per share. The business’s revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts expect that Beacon Roofing Supply, Inc. will post 7.79 earnings per share for the current 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.