Lazard Asset Management LLC Sells 8,981 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Lazard Asset Management LLC trimmed its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 7.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 106,399 shares of the company’s stock after selling 8,981 shares during the quarter. Lazard Asset Management LLC’s holdings in Beacon Roofing Supply were worth $10,808,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Beacon Roofing Supply during the 4th quarter worth approximately $94,573,000. Balyasny Asset Management L.P. bought a new position in shares of Beacon Roofing Supply during the 4th quarter worth approximately $68,588,000. Frontier Capital Management Co. LLC grew its stake in shares of Beacon Roofing Supply by 16.0% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock worth $242,247,000 after acquiring an additional 329,047 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Beacon Roofing Supply by 253.2% during the 4th quarter. Bank of America Corp DE now owns 424,473 shares of the company’s stock worth $43,118,000 after acquiring an additional 304,287 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Beacon Roofing Supply by 10,326.8% during the 4th quarter. Marshall Wace LLP now owns 289,866 shares of the company’s stock worth $29,445,000 after acquiring an additional 287,086 shares in the last quarter. 98.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Beacon Roofing Supply in a research note on Monday. They set a “sell” rating for the company. Stifel Nicolaus cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their price target for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. Loop Capital reissued a “hold” rating and issued a $124.00 target price on shares of Beacon Roofing Supply in a research note on Friday, March 21st. Benchmark reissued a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. Finally, Robert W. Baird raised their target price on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $124.78.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 29,724 shares of the firm’s stock in a transaction on 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 completion of the sale, the insider now owns 87,943 shares of the company’s stock, valued at $10,821,386.15. This trade represents a 25.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Christopher Carl Nelson sold 16,595 shares of the business’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total transaction of $2,051,307.95. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 54,806 shares of company stock valued at $6,745,448 in the last quarter. 1.30% of the stock is currently owned by insiders.

Beacon Roofing Supply Price Performance

NASDAQ:BECN opened at $124.17 on Thursday. Beacon Roofing Supply, Inc. has a 1-year low of $77.54 and a 1-year high of $124.31. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The firm has a fifty day simple moving average of $122.98 and a 200 day simple moving average of $114.12. The stock has a market capitalization of $7.67 billion, a PE ratio of 21.23 and a beta of 1.31.

Beacon Roofing Supply (NASDAQ:BECN) last announced 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 business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. On average, research analysts expect that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Beacon Roofing Supply 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.