Nexpoint Asset Management L.P. Acquires New Shares in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Nexpoint Asset Management L.P. purchased a new position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 3,600 shares of the company’s stock, valued at approximately $366,000.

Other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in Beacon Roofing Supply in the 4th quarter valued at $31,000. Johnson Financial Group Inc. purchased a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at approximately $54,000. PNC Financial Services Group Inc. increased its position in Beacon Roofing Supply by 38.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after buying an additional 163 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Beacon Roofing Supply by 26.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock valued at $73,000 after buying an additional 150 shares during the last quarter. Finally, Principal Securities Inc. grew its stake in shares of Beacon Roofing Supply by 16.5% during the 4th quarter. Principal Securities Inc. now owns 1,381 shares of the company’s stock worth $140,000 after purchasing an additional 196 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Christopher Carl Nelson sold 16,595 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $123.61, for a total transaction of $2,051,307.95. Following the completion of the transaction, the executive vice president now directly owns 463 shares in the company, valued at $57,231.43. The trade was a 97.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Clement Munroe Best III sold 29,724 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the transaction, the insider now directly owns 87,943 shares in the company, valued at $10,821,386.15. This trade represents a 25.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,806 shares of company stock valued at $6,745,448. 1.30% of the stock is owned by insiders.

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN opened at $124.17 on Thursday. The firm has a market cap of $7.67 billion, a PE ratio of 21.23 and a beta of 1.31. The company has a 50 day simple moving average of $120.93 and a 200 day simple moving average of $112.04. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply, Inc. has a 1 year low of $77.54 and a 1 year high of $124.31.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. On average, research analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Raymond James cut Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research note on Friday, March 21st. BMO Capital Markets reissued a “market perform” rating and set a $124.35 price target (down previously from $130.00) on shares of Beacon Roofing Supply in a report on Thursday, April 17th. Royal Bank of Canada cut shares of Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from $124.00 to $124.35 in a report on Wednesday, April 2nd. Finally, Robert W. Baird upped their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Beacon Roofing Supply presently has an average rating of “Hold” and an average price target of $121.47.

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.