Beacon Roofing Supply, Inc. (NASDAQ:BECN) Stake Trimmed by Twinbeech Capital LP

Twinbeech Capital LP lowered its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 74.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,656 shares of the company’s stock after selling 49,121 shares during the quarter. Twinbeech Capital LP’s holdings in Beacon Roofing Supply were worth $1,692,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Beacon Roofing Supply during the 4th quarter valued at $94,573,000. Balyasny Asset Management L.P. acquired a new stake in shares of Beacon Roofing Supply in the fourth quarter worth $68,588,000. Frontier Capital Management Co. LLC grew its holdings in shares of Beacon Roofing Supply by 16.0% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock valued at $242,247,000 after buying an additional 329,047 shares in the last quarter. Bank of America Corp DE raised its position in Beacon Roofing Supply by 253.2% during the fourth quarter. Bank of America Corp DE now owns 424,473 shares of the company’s stock valued at $43,118,000 after buying an additional 304,287 shares during the period. Finally, Spruce House Investment Management LLC raised its position in Beacon Roofing Supply by 146.3% during the fourth quarter. Spruce House Investment Management LLC now owns 500,000 shares of the company’s stock valued at $50,790,000 after buying an additional 297,000 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Insider Activity at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 29,724 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the completion of the sale, the insider now directly owns 87,943 shares in the company, valued at $10,821,386.15. This represents a 25.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christopher Carl Nelson sold 16,595 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total value of $2,051,307.95. Following the completion of the sale, the executive vice president now directly owns 463 shares in the company, valued at approximately $57,231.43. This represents a 97.29% 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. Corporate insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on BECN. StockNews.com began coverage on Beacon Roofing Supply in a research report on Tuesday. They set a “sell” rating for the company. Robert W. Baird increased their price target on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. William Blair reaffirmed a “market perform” rating on shares of Beacon Roofing Supply in a research report on Thursday, March 20th. Raymond James lowered shares of Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research note on Friday, March 21st. Finally, Loop Capital reiterated a “hold” rating and issued a $124.00 target price on shares of Beacon Roofing Supply in a research report on Friday, March 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Beacon Roofing Supply has an average rating of “Hold” and an average price target of $124.78.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock opened at $124.17 on Thursday. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply, Inc. has a 1-year low of $77.54 and a 1-year high of $124.31. The firm’s fifty day simple moving average is $123.54 and its 200-day simple moving average is $115.16. The company has a market capitalization of $7.67 billion, a P/E ratio of 21.23 and a beta of 1.31.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Sell-side analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 earnings per share 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.