Bank of America Corp DE Raises Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Bank of America Corp DE lifted its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 253.2% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 424,473 shares of the company’s stock after acquiring an additional 304,287 shares during the period. Bank of America Corp DE owned approximately 0.69% of Beacon Roofing Supply worth $43,118,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of BECN. SBI Securities Co. Ltd. purchased a new stake in shares of Beacon Roofing Supply during the fourth quarter worth about $31,000. Johnson Financial Group Inc. acquired a new stake in shares of Beacon Roofing Supply during the fourth quarter worth about $54,000. PNC Financial Services Group Inc. lifted its holdings in shares of Beacon Roofing Supply by 38.1% during the fourth 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. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Beacon Roofing Supply by 26.3% during the fourth 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. Finally, Principal Securities Inc. lifted its holdings in shares of Beacon Roofing Supply by 16.5% during the fourth quarter. Principal Securities Inc. now owns 1,381 shares of the company’s stock worth $140,000 after purchasing an additional 196 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Performance

Beacon Roofing Supply stock opened at $124.17 on Thursday. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply, Inc. has a 12 month low of $77.54 and a 12 month high of $124.31. The stock’s 50 day simple moving average is $122.98 and its two-hundred day simple moving average is $114.12. The firm has a market cap of $7.67 billion, a PE ratio of 21.23 and a beta of 1.31.

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

Insider Transactions at Beacon Roofing Supply

In other news, insider Jonathan Stuart Bennett sold 8,487 shares of the company’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $122.14, for a total transaction of $1,036,602.18. Following the completion of the transaction, the insider now directly owns 22,642 shares of the company’s stock, valued at $2,765,493.88. This represents a 27.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Christopher Carl Nelson sold 16,595 shares of the company’s stock in a transaction that occurred on Thursday, April 3rd. The stock was 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 directly owns 463 shares of the company’s stock, valued at approximately $57,231.43. The trade was a 97.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,806 shares of company stock valued at $6,745,448 in the last three months. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

BECN has been the subject of a number of research reports. Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their target price for the stock from $131.00 to $122.55 in a report on Friday, February 7th. Benchmark reaffirmed a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Monday, March 3rd. 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, April 17th. Robert W. Baird lifted their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Finally, Raymond James downgraded Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Beacon Roofing Supply currently has an average rating of “Hold” and a consensus price target of $124.78.

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.