Creative Planning Reduces Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Creative Planning reduced its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 1.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,004 shares of the company’s stock after selling 173 shares during the period. Creative Planning’s holdings in Beacon Roofing Supply were worth $951,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in Beacon Roofing Supply during the first quarter worth $26,000. PNC Financial Services Group Inc. increased its position in Beacon Roofing Supply by 145.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after buying an additional 203 shares in the last quarter. GAMMA Investing LLC increased its position in Beacon Roofing Supply by 154.0% during the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after buying an additional 445 shares in the last quarter. Central Pacific Bank Trust Division increased its position in Beacon Roofing Supply by 66.7% during the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock worth $108,000 after buying an additional 500 shares in the last quarter. Finally, Plato Investment Management Ltd increased its position in Beacon Roofing Supply by 140.3% during the first quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock worth $109,000 after buying an additional 648 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BECN shares. Robert W. Baird raised their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada lifted their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday. Benchmark reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday. Finally, Stephens lowered their price objective on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $115.00.

Beacon Roofing Supply Trading Up 1.4 %

NASDAQ:BECN opened at $93.34 on Friday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.09 and a current ratio of 1.90. Beacon Roofing Supply, Inc. has a one year low of $71.48 and a one year high of $105.42. The business’s 50-day simple moving average is $88.91 and its 200 day simple moving average is $92.22. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 15.96 and a beta of 1.55.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $2.80 earnings per share for the quarter, missing the consensus estimate of $2.88 by ($0.08). The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.78 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.64%. As a group, sell-side analysts predict that Beacon Roofing Supply, Inc. will post 7.37 earnings per share for the current fiscal year.

Insider Activity at Beacon Roofing Supply

In related news, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the sale, the insider now directly owns 9,131 shares of the company’s stock, valued at $821,790. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the sale, the insider now directly owns 9,131 shares in the company, valued at approximately $821,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Prithvi Gandhi bought 5,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average price of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the transaction, the chief financial officer now owns 5,000 shares in the company, valued at $411,450. The disclosure for this purchase can be found here. 1.30% of the stock is owned by corporate insiders.

About Beacon Roofing Supply

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.