Mackenzie Financial Corp Raises Stock Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Mackenzie Financial Corp lifted its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 5.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,077 shares of the company’s stock after buying an additional 445 shares during the quarter. Mackenzie Financial Corp’s holdings in Beacon Roofing Supply were worth $703,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BECN. Exchange Traded Concepts LLC increased its holdings in shares of Beacon Roofing Supply by 63.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 836 shares of the company’s stock valued at $65,000 after acquiring an additional 325 shares during the period. Cannon Global Investment Management LLC acquired a new position in shares of Beacon Roofing Supply in the 3rd quarter valued at $208,000. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Beacon Roofing Supply by 21.0% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 14,400 shares of the company’s stock valued at $1,111,000 after acquiring an additional 2,500 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Beacon Roofing Supply by 5.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 4,209 shares of the company’s stock valued at $325,000 after acquiring an additional 200 shares during the period. Finally, Xponance Inc. increased its holdings in shares of Beacon Roofing Supply by 10.5% in the 3rd quarter. Xponance Inc. now owns 3,315 shares of the company’s stock valued at $256,000 after acquiring an additional 314 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BECN has been the topic of a number of recent research reports. StockNews.com raised shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. dropped their price objective on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research note on Thursday, January 11th. Benchmark initiated coverage on shares of Beacon Roofing Supply in a research note on Thursday, April 18th. They issued a “buy” rating and a $135.00 price objective on the stock. TheStreet raised shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Finally, BMO Capital Markets boosted their price objective on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.92.

Beacon Roofing Supply Stock Performance

NASDAQ:BECN opened at $97.56 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.85 and a debt-to-equity ratio of 1.30. Beacon Roofing Supply, Inc. has a fifty-two week low of $56.94 and a fifty-two week high of $102.83. The stock has a market cap of $6.19 billion, a PE ratio of -207.57 and a beta of 1.63. The firm’s fifty day simple moving average is $92.11 and its 200-day simple moving average is $84.91.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.22). Beacon Roofing Supply had a return on equity of 26.95% and a net margin of 4.74%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the prior year, the firm earned $1.18 earnings per share. Beacon Roofing Supply’s quarterly revenue was up 16.8% on a year-over-year basis. Analysts expect that Beacon Roofing Supply, Inc. will post 7.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Christopher Carl Nelson sold 3,268 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $93.87, for a total value of $306,767.16. Following the sale, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $93.87, for a total value of $306,767.16. Following the transaction, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $95.00, for a total transaction of $171,475.00. Following the completion of the transaction, the insider now owns 10,531 shares in the company, valued at $1,000,445. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

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.