Insider Buying: Beacon Roofing Supply, Inc. (NASDAQ:BECN) Major Shareholder Buys 108,056 Shares of Stock
Beacon Roofing Supply, Inc. (NASDAQ: BECN), major shareholder Cd&R Investment Associates Ix, acquired 108,056 shares in the company on Friday, July 30th. The shares were acquired at an average price of $ 55.53 per share for a total transaction of $ 6,000,349.68. The transaction was announced in a filing with the Securities & Exchange Commission, which can be accessed on the SEC website. Major shareholders who own 10% or more of a company’s stock must disclose their sales and purchases to the SEC.
Beacon Roofing Supply stock traded around $ 0.62 during Friday midday trading to hit $ 53.48. 241,133 shares of the company were traded in hands, compared to an average volume of 363,687. The company has a 50-day moving average price of $ 54.34. The company has a debt of 1.34, a quick ratio of 1.24 and a current ratio of 2.04. The company has a market cap of $ 3.74 billion, a P / E of -19.53, and a beta of 2.02. Beacon Roofing Supply, Inc. has an annual low of $ 27.61 and an annual high of $ 60.93.
Beacon Roofing Supply (NASDAQ: BECN) last announced its earnings results on Thursday, May 6th. The company reported earnings per share of $ 0.23 for the quarter, beating the consensus estimate of $ 0.01 by $ 0.22. The company had revenue of $ 1.32 billion for the quarter, compared to the consensus estimate of $ 1.32 billion. Beacon Roofing Supply had a positive return on equity of 16.33% and a negative net margin of 2.41%. Sell-side analysts predict that Beacon Roofing Supply, Inc. will generate earnings per share of 3.77 for the current year.
Several institutional investors and hedge funds have recently bought and sold shares in the company. Principal Financial Group Inc. acquired a new stake in Beacon Roofing Supply for $ 289,000 in the first quarter. One Wealth Advisors LLC bought a new stake in Beacon Roofing Supply for $ 207,000 in the first quarter. Gotham Asset Management LLC acquired a new stake in Beacon Roofing Supply worth $ 472,000 in the first quarter. Highside Global Management LLC acquired a new stake in Beacon Roofing Supply for $ 18,142,000 in the first quarter. Finally, AQR Capital Management LLC increased its stake in Beacon Roofing Supply by 64.4% in the first quarter. AQR Capital Management LLC now owns 8,847 shares of the company valued at $ 463,000 after purchasing an additional 3,465 shares last quarter.
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BECN has been the subject of several research reports. The Royal Bank of Canada raised its target price on Beacon Roofing Supply from $ 48.00 to $ 63.00 and rated the stock in a research report on Friday the 7th. Truist Securities posted a research report on Friday, May 7th, its target price for Beacon Roofing Supply increased from $ 49.00 to $ 68.00. Wells Fargo & Company reported on Beacon Roofing Supply in a research report on Thursday, July 15th. They issued an “equilibrium” rating and a target price of $ 58.00 for the company. Loop Capital raised its target price for Beacon Roofing Supply from 57.00 to 63.00 US dollars and gave the stock a “Buy” rating in a research report on Tuesday, April 20. Finally, Robert W. Baird reiterated an “Outperform” rating in a research report on Thursday, July 15, and set a price target of USD 66.00 (previously USD 65.00) on the shares of Beacon Roofing Supply. Six investment analysts have rated the stock with a hold rating and seven with a buy rating. Beacon Roofing Supply has a consensus rating of “Buy” and a consensus price target of $ 56.08.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc. is a distributor of roofing materials for residential and non-residential buildings. It also sells complementary building products including siding, windows, specialty outdoor products, insulation and sealing systems for building exteriors. The company was founded on August 22, 1997 and is headquartered in Herndon, VA.
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