Raymond James Financial Inc. Takes $24.16 Million Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Raymond James Financial Inc. acquired a new stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 237,864 shares of the company’s stock, valued at approximately $24,162,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. FMR LLC lifted its position in Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after buying an additional 963,633 shares during the period. State Street Corp lifted its position in Beacon Roofing Supply by 1.1% during the third quarter. State Street Corp now owns 1,471,500 shares of the company’s stock worth $127,182,000 after buying an additional 15,505 shares during the period. Fisher Asset Management LLC lifted its position in Beacon Roofing Supply by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company’s stock worth $103,011,000 after buying an additional 20,372 shares during the period. Vaughan Nelson Investment Management L.P. lifted its position in Beacon Roofing Supply by 2.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 985,199 shares of the company’s stock worth $100,076,000 after buying an additional 22,122 shares during the period. Finally, Janus Henderson Group PLC lifted its position in Beacon Roofing Supply by 1,449.0% during the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after buying an additional 575,852 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Price Performance

BECN stock opened at $118.34 on Friday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply, Inc. has a 1 year low of $77.54 and a 1 year high of $121.42. The firm has a market cap of $7.29 billion, a P/E ratio of 20.23 and a beta of 1.63. The stock has a 50-day simple moving average of $115.41 and a 200-day simple moving average of $103.43.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. On average, equities analysts predict that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Benchmark restated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a report on Monday, March 3rd. JPMorgan Chase & Co. raised their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. StockNews.com assumed coverage on Beacon Roofing Supply in a report on Sunday, March 9th. They issued a “sell” rating on the stock. Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their price objective for the stock from $131.00 to $122.55 in a report on Friday, February 7th. Finally, BMO Capital Markets cut their price objective on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating on the stock in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $119.95.

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.