Redmond Asset Management LLC cut its holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 243,477 shares of the company’s stock after selling 1,647 shares during the quarter. Beacon Roofing Supply makes up approximately 3.8% of Redmond Asset Management LLC’s portfolio, making the stock its largest holding. Redmond Asset Management LLC owned 0.36% of Beacon Roofing Supply worth $8,940,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in Beacon Roofing Supply by 27.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,907,782 shares of the company’s stock worth $123,954,000 after acquiring an additional 849,333 shares during the last quarter. Iridian Asset Management LLC CT boosted its position in Beacon Roofing Supply by 14.4% during the second quarter. Iridian Asset Management LLC CT now owns 3,712,742 shares of the company’s stock worth $136,332,000 after acquiring an additional 466,956 shares during the last quarter. Marshall Wace North America L.P. acquired a new stake in Beacon Roofing Supply during the first quarter worth approximately $36,419,000. Victory Capital Management Inc. boosted its position in Beacon Roofing Supply by 19.0% during the first quarter. Victory Capital Management Inc. now owns 971,489 shares of the company’s stock worth $31,243,000 after acquiring an additional 155,379 shares during the last quarter. Finally, Stephens Investment Management Group LLC boosted its position in Beacon Roofing Supply by 1.1% during the second quarter. Stephens Investment Management Group LLC now owns 873,030 shares of the company’s stock worth $32,058,000 after acquiring an additional 9,127 shares during the last quarter.
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, bought 4,625,998 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were acquired at an average price of $34.17 per share, with a total value of $158,070,351.66. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard W. Frost bought 11,754 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was acquired at an average cost of $34.17 per share, for a total transaction of $401,634.18. Following the purchase, the director now owns 34,249 shares in the company, valued at approximately $1,170,288.33. The disclosure for this purchase can be found here. Company insiders own 1.20% of the company’s stock.
Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Tuesday, August 6th. The company reported $0.92 EPS for the quarter, missing the Zacks’ consensus estimate of $1.24 by ($0.32). Beacon Roofing Supply had a net margin of 0.15% and a return on equity of 9.63%. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.99 billion. During the same period in the prior year, the business posted $1.18 EPS. The business’s revenue was down .5% on a year-over-year basis. On average, analysts forecast that Beacon Roofing Supply, Inc. will post 2.49 EPS for the current fiscal year.
A number of research firms have weighed in on BECN. BidaskClub downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Raymond James set a $38.00 price target on shares of Beacon Roofing Supply and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Royal Bank of Canada increased their price target on shares of Beacon Roofing Supply to $40.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 9th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Beacon Roofing Supply in a research note on Wednesday, May 8th. Finally, Evercore ISI reaffirmed a “hold” rating and set a $31.00 price target on shares of Beacon Roofing Supply in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $34.93.
Beacon Roofing Supply Profile
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.
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