Mirae Asset Global Investments Co. Ltd. Has $2.27 Million Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 8.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,137 shares of the company’s stock after buying an additional 2,112 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Beacon Roofing Supply were worth $2,274,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BECN. Morgan Stanley lifted its holdings in shares of Beacon Roofing Supply by 467.9% during the fourth quarter. Morgan Stanley now owns 1,313,406 shares of the company’s stock worth $69,335,000 after buying an additional 1,082,141 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Beacon Roofing Supply by 19.3% during the third quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock worth $434,118,000 after buying an additional 909,819 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Beacon Roofing Supply by 301.1% during the first quarter. JPMorgan Chase & Co. now owns 849,092 shares of the company’s stock worth $49,969,000 after buying an additional 637,420 shares during the last quarter. Norges Bank acquired a new position in shares of Beacon Roofing Supply during the fourth quarter worth approximately $23,585,000. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Beacon Roofing Supply by 2,604.0% during the first quarter. Envestnet Asset Management Inc. now owns 388,859 shares of the company’s stock worth $951,000 after buying an additional 374,478 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a research report on Tuesday, February 27th. Benchmark assumed coverage on Beacon Roofing Supply in a research report on Thursday. They set a “buy” rating and a $135.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research report on Thursday, January 11th. StockNews.com upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Loop Capital boosted their price objective on Beacon Roofing Supply from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $102.92.

Insiders Place Their Bets

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

Beacon Roofing Supply Stock Performance

Shares of NASDAQ:BECN opened at $93.42 on Friday. The business’s fifty day moving average price is $91.33 and its two-hundred day moving average price is $84.27. 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 capitalization of $5.93 billion, a price-to-earnings ratio of -198.77 and a beta of 1.63. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.27 billion. Beacon Roofing Supply had a return on equity of 26.95% and a net margin of 4.74%. Beacon Roofing Supply’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.18 EPS. As a group, analysts predict that Beacon Roofing Supply, Inc. will post 7.85 EPS 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.