Beacon Roofing Supply, Inc. (NASDAQ:BECN) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. decreased its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 29.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,764 shares of the company’s stock after selling 23,811 shares during the quarter. Russell Investments Group Ltd. owned about 0.09% of Beacon Roofing Supply worth $5,041,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Parkside Financial Bank & Trust increased its position in shares of Beacon Roofing Supply by 49.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 487 shares of the company’s stock valued at $38,000 after acquiring an additional 161 shares during the period. Headlands Technologies LLC acquired a new position in shares of Beacon Roofing Supply in the third quarter valued at about $98,000. CI Investments Inc. purchased a new position in shares of Beacon Roofing Supply in the third quarter worth about $157,000. AlphaMark Advisors LLC acquired a new stake in shares of Beacon Roofing Supply during the third quarter worth about $244,000. Finally, Pearl River Capital LLC purchased a new stake in Beacon Roofing Supply in the third quarter valued at approximately $252,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on BECN shares. JPMorgan Chase & Co. dropped their price objective on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a report on Thursday, January 11th. StockNews.com cut Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Monday. Truist Financial raised their target price on Beacon Roofing Supply from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. BMO Capital Markets raised their target price on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Finally, TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $107.64.

Beacon Roofing Supply Trading Up 1.2 %

BECN stock opened at $93.38 on Friday. The company has a current ratio of 1.85, a quick ratio of 1.06 and a debt-to-equity ratio of 1.30. Beacon Roofing Supply, Inc. has a 12-month low of $57.88 and a 12-month high of $103.75. The stock has a market cap of $5.94 billion, a price-to-earnings ratio of -148.22 and a beta of 1.59. The business’s 50-day moving average is $94.31 and its 200 day moving average is $86.53.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). Beacon Roofing Supply had a return on equity of 26.31% and a net margin of 4.47%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period last year, the business earned $1.18 earnings per share. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Beacon Roofing Supply, Inc. will post 7.78 EPS for the current fiscal year.

Insiders Place Their Bets

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

Beacon Roofing Supply Profile

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.