Summit Investment Advisors Inc. Sells 109 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Summit Investment Advisors Inc. cut its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 1.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,343 shares of the company’s stock after selling 109 shares during the period. Summit Investment Advisors Inc.’s holdings in Beacon Roofing Supply were worth $644,000 as of its most recent SEC filing.

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

Insider Activity

In other news, EVP Christopher Carl Nelson sold 16,595 shares of the firm’s stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total value of $2,051,307.95. Following the transaction, the executive vice president now owns 463 shares in the company, valued at approximately $57,231.43. This trade represents a 97.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $122.14, for a total transaction of $1,036,602.18. Following the sale, the insider now owns 22,642 shares of the company’s stock, valued at $2,765,493.88. This represents a 27.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,806 shares of company stock valued at $6,745,448. 1.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. BMO Capital Markets reaffirmed a “market perform” rating and set a $124.35 target price (down previously from $130.00) on shares of Beacon Roofing Supply in a report on Thursday. Benchmark reaffirmed a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a report on Monday, March 3rd. Baird R W lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Finally, Loop Capital reiterated a “hold” rating and set a $124.00 price target on shares of Beacon Roofing Supply in a research report on Friday, March 21st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $121.47.

Beacon Roofing Supply Stock Performance

NASDAQ:BECN opened at $123.85 on Friday. Beacon Roofing Supply, Inc. has a 1-year low of $77.54 and a 1-year high of $123.90. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The business has a 50 day moving average of $120.02 and a 200 day moving average of $109.95. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 21.17 and a beta of 1.31.

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

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.