Brant Point Investment Management LLC trimmed its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 65.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,705 shares of the company’s stock after selling 85,000 shares during the quarter. Brant Point Investment Management LLC owned about 0.07% of Beacon Roofing Supply worth $1,654,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its position in shares of Beacon Roofing Supply by 1,809.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 61,196 shares of the company’s stock worth $119,000 after buying an additional 57,991 shares in the last quarter. Cim Investment Mangement Inc. bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter worth about $205,000. Jane Street Group LLC bought a new stake in shares of Beacon Roofing Supply during the 2nd quarter worth about $226,000. Eqis Capital Management Inc. bought a new stake in shares of Beacon Roofing Supply during the 2nd quarter worth about $261,000. Finally, CIBC World Markets Inc. bought a new stake in shares of Beacon Roofing Supply during the 2nd quarter worth about $277,000.
A number of research firms recently commented on BECN. BidaskClub upgraded shares of Beacon Roofing Supply from a “strong sell” rating to a “sell” rating in a report on Thursday, November 22nd. Seaport Global Securities set a $34.00 target price on shares of Beacon Roofing Supply and gave the stock a “buy” rating in a report on Tuesday, November 20th. Royal Bank of Canada set a $28.00 target price on shares of Beacon Roofing Supply and gave the stock a “hold” rating in a report on Tuesday, November 20th. Raymond James downgraded shares of Beacon Roofing Supply from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, November 20th. Finally, Citigroup downgraded shares of Beacon Roofing Supply from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $51.00 to $44.00 in a report on Wednesday, August 8th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $41.13.
Beacon Roofing Supply stock opened at $34.86 on Monday. The company has a market capitalization of $2.38 billion, a PE ratio of 12.91, a PEG ratio of 0.58 and a beta of 1.44. The company has a current ratio of 1.59, a quick ratio of 0.97 and a debt-to-equity ratio of 1.38. Beacon Roofing Supply, Inc. has a fifty-two week low of $24.97 and a fifty-two week high of $66.47.
Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Monday, November 19th. The company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.29). The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Beacon Roofing Supply had a return on equity of 11.23% and a net margin of 1.54%. The business’s revenue was up 50.4% on a year-over-year basis. During the same period last year, the business earned $0.93 earnings per share. On average, equities research analysts predict that Beacon Roofing Supply, Inc. will post 3.14 earnings per share for the current fiscal year.
In other news, Director Carl T. Berquist bought 5,000 shares of the company’s stock in a transaction dated Monday, November 26th. The shares were acquired at an average cost of $33.05 per share, with a total value of $165,250.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $330,500. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Paul Isabella bought 3,200 shares of the company’s stock in a transaction dated Wednesday, November 21st. The stock was purchased at an average cost of $31.76 per share, for a total transaction of $101,632.00. Following the completion of the transaction, the chief executive officer now owns 143,459 shares of the company’s stock, valued at $4,556,257.84. The disclosure for this purchase can be found here. Over the last three months, insiders bought 23,625 shares of company stock worth $753,469. 0.77% of the stock is currently owned by insiders.
Beacon Roofing Supply Company Profile
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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