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 of the company in a transaction on Friday, July 30. The shares were acquired at an average price of $55.53 per share, for a total transaction of $6,000,000,349.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed at: the SEC website. Major shareholders who own at least 10% of a company’s stock must disclose their sales and purchases to the SEC.
Beacon Roofing Supply stock traded $0.62 during afternoon trading on Friday, reaching $53.48. 241,133 shares of the company’s stock traded hands, compared to the average volume of 363,687. The company has a 50-day moving average of $54.34. The company has a debt-to-equity ratio 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 ratio of -19.53 and a beta of 2.02. Beacon Roofing Supply, Inc. has a one-year low of $27.61 and a one-year high of $60.93.
Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, May 6. The company reported $0.23 earnings per share 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. 3.77 earnings per share for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. bought a new stake in shares of Beacon Roofing Supply worth $289,000 in the first quarter. One Wealth Advisors LLC acquired a new stake in Beacon Roofing Supply stock worth $207,000 in the first quarter. Gotham Asset Management LLC bought a new stake in Beacon Roofing Supply stock worth $472,000 in the first quarter. Highside Global Management LLC purchased a new stake in shares of Beacon Roofing Supply worth $18,142,000 in the first quarter. Finally, AQR Capital Management LLC increased its stake in the shares of Beacon Roofing Supply by 64.4% in the 1st quarter. AQR Capital Management LLC now owns 8,847 shares of the company worth $463,000, having purchased an additional 3,465 shares in the last quarter.
BECN has been the subject of several investigative reports. Royal Bank of Canada raised its price target on Beacon Roofing Supply from $48.00 to $63.00 and gave the stock an “sector performing” rating on Friday, May 7 in a research report. Truist Securities raised their target price on Beacon Roofing Supply from $49.00 to $68.00 in a research report on Friday, May 7. Wells Fargo & Company covered Beacon Roofing Supply in a research report on Thursday, July 15. They gave an “equal weight” rating and a $58.00 target for the company. Loop Capital raised its price target on Beacon Roofing Supply from $57.00 to $63.00 and advised the stock to buy in a research report on Tuesday, April 20. Finally, Robert W. Baird reiterated an “outperform” rating and set a price target of $66.00 (previously up $65.00) for shares of Beacon Roofing Supply in a research report on Thursday, July 15. Six investment analysts have given the stock a hold rating and seven have given the company 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 engaged in the distribution of residential and non-residential roofing materials. It also distributes complementary building products, including siding, windows, specialty exterior building products, insulation and waterproofing systems for building exteriors. The company was founded on August 22, 1997 and is headquartered in Herndon, VA.
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