Clement Munroe Best III Sells 29,724 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) Stock

Beacon Roofing Supply, Inc. (NASDAQ:BECN) insider Clement Munroe Best III sold 29,724 shares of the company’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the transaction, the insider now owns 87,943 shares of the company’s stock, valued at $10,821,386.15. This represents a 25.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Beacon Roofing Supply Stock Down 0.4 %

NASDAQ BECN opened at $121.60 on Wednesday. Beacon Roofing Supply, Inc. has a 12 month low of $77.54 and a 12 month high of $123.90. The company has a market capitalization of $7.51 billion, a P/E ratio of 20.79 and a beta of 1.31. The company’s 50 day simple moving average is $119.34 and its 200 day simple moving average is $108.20. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Equities research analysts expect that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds have recently modified their holdings of BECN. Equitable Trust Co. increased its stake in Beacon Roofing Supply by 1.7% in the 4th quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock worth $734,000 after purchasing an additional 122 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Beacon Roofing Supply by 26.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock worth $73,000 after acquiring an additional 150 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Beacon Roofing Supply by 38.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after acquiring an additional 163 shares in the last quarter. Cornerstone Investment Partners LLC raised its holdings in shares of Beacon Roofing Supply by 3.6% during the fourth quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock valued at $480,000 after acquiring an additional 166 shares during the period. Finally, HighTower Advisors LLC lifted its position in shares of Beacon Roofing Supply by 7.3% in the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock valued at $234,000 after acquiring an additional 181 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on BECN. Raymond James cut shares of Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 21st. Benchmark restated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. Royal Bank of Canada lowered Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from $124.00 to $124.35 in a research report on Wednesday, April 2nd. BMO Capital Markets lowered their price target 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. Finally, Baird R W cut shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $122.10.

Beacon Roofing Supply Company 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.