Jennison Associates LLC decreased its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 10.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,591,588 shares of the company’s stock after selling 307,273 shares during the quarter. Jennison Associates LLC owned approximately 3.78% of Beacon Roofing Supply worth $95,163,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of BECN. Iridian Asset Management LLC CT purchased a new stake in Beacon Roofing Supply during the 1st quarter worth about $104,384,000. Marshall Wace North America L.P. purchased a new position in shares of Beacon Roofing Supply in the 1st quarter valued at about $36,419,000. Dimensional Fund Advisors LP increased its holdings in shares of Beacon Roofing Supply by 27.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,907,782 shares of the company’s stock valued at $123,954,000 after acquiring an additional 849,333 shares during the last quarter. FMR LLC increased its holdings in shares of Beacon Roofing Supply by 175.1% in the 1st quarter. FMR LLC now owns 550,230 shares of the company’s stock valued at $17,695,000 after acquiring an additional 350,228 shares during the last quarter. Finally, New York State Common Retirement Fund increased its holdings in shares of Beacon Roofing Supply by 66.8% in the 1st quarter. New York State Common Retirement Fund now owns 479,952 shares of the company’s stock valued at $15,435,000 after acquiring an additional 192,181 shares during the last quarter.
A number of research firms have recently commented on BECN. Wedbush reiterated a “neutral” rating and issued a $33.00 price objective on shares of Beacon Roofing Supply in a report on Wednesday, August 7th. ValuEngine downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Tuesday, May 28th. Royal Bank of Canada increased their price objective on Beacon Roofing Supply to $40.00 and gave the company a “sector perform” rating in a report on Thursday, May 9th. Stephens set a $37.00 price objective on Beacon Roofing Supply and gave the company an “overweight” rating in a report on Wednesday, August 7th. Finally, Raymond James set a $38.00 price objective on Beacon Roofing Supply and gave the company a “buy” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $34.93.
Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Tuesday, August 6th. The company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.32). The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.99 billion. Beacon Roofing Supply had a net margin of 0.15% and a return on equity of 9.63%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the company earned $1.18 earnings per share. On average, equities analysts predict that Beacon Roofing Supply, Inc. will post 2.48 EPS for the current year.
In other news, major shareholder Cd&R Investment Associates Ix, bought 4,625,998 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average cost of $34.17 per share, with a total value of $158,070,351.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Richard W. Frost bought 11,754 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average cost of $34.17 per share, with a total value of $401,634.18. Following the completion of the transaction, the director now owns 34,249 shares in the company, valued at $1,170,288.33. The disclosure for this purchase can be found here. 1.20% of the stock is owned by corporate insiders.
About Beacon Roofing Supply
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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