Russell Investments Group Ltd. Sells 28,276 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

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Russell Investments Group Ltd. Sells 28,276 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)
Russell Investments Group Ltd. Sells 28,276 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)


Russell Investments Group Ltd. cut its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) by 45.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,770 shares of the company’s stock after selling 28,276 shares during the period. Russell Investments Group Ltd.’s holdings in Beacon Roofing Supply were worth $2,002,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Beacon Roofing Supply during the 4th quarter valued at $1,394,000. Citigroup Inc. raised its position in shares of Beacon Roofing Supply by 18.3% in the 4th quarter. Citigroup Inc. now owns 35,158 shares of the company’s stock worth $2,016,000 after acquiring an additional 5,447 shares in the last quarter. Frontier Capital Management Co. LLC raised its position in shares of Beacon Roofing Supply by 0.7% in the 1st quarter. Frontier Capital Management Co. LLC now owns 1,408,741 shares of the company’s stock worth $83,510,000 after acquiring an additional 9,922 shares in the last quarter. Barclays PLC grew its stake in Beacon Roofing Supply by 110.2% during the 4th quarter. Barclays PLC now owns 91,584 shares of the company’s stock worth $5,253,000 after buying an additional 48,008 shares during the last quarter. Finally, Ironwood Investment Management LLC grew its stake in Beacon Roofing Supply by 1.4% during the 4th quarter. Ironwood Investment Management LLC now owns 29,938 shares of the company’s stock worth $1,717,000 after buying an additional 427 shares during the last quarter.

Insider buying and selling

In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, purchased 103,931 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, July 29th. The stock was bought at an average price of $57.73 per share, with a total value of $5,999,936.63. Following the acquisition, the insider now owns 14,859,579 shares of the company’s stock, valued at approximately $857,843,495.67. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.95% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BECN. William Blair downgraded Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 19th. Wells Fargo & Company dropped their price target on Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Tuesday, June 28th. JPMorgan Chase & Co. lowered their target price on Beacon Roofing Supply from $66.00 to $59.00 in a research note on Friday, July 15th. Stephens lowered their target price on Beacon Roofing Supply from $72.00 to $64.00 and set an “equal weight” rating on the stock in a research note on Monday, August 8th. Finally, Robert W. Baird upped their target price on Beacon Roofing Supply from $74.00 to $83.00 in a research note on Friday, May 6th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $62.43.

Beacon Roofing Supply Stock Performance

NASDAQ BECN opened at $60.52 on Tuesday. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 12.85 and a beta of 1.79. Beacon Roofing Supply, Inc. has a twelve month low of $45.71 and a twelve month high of $65.30. The company has a current ratio of 1.91, a quick ratio of 1.02 and a debt-to-equity ratio of 1.24. The stock has a 50-day moving average of $56.20 and a 200-day moving average of $58.14.

Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported $2.80 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.44. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Beacon Roofing Supply had a return on equity of 29.19% and a net margin of 5.25%. Beacon Roofing Supply’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.59 EPS. Sell-side analysts anticipate that Beacon Roofing Supply, Inc. will post 6.73 EPS for the current fiscal year.

Beacon Roofing Supply Profile

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Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It 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.

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Russell Investments Group Ltd. Sells 28,276 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

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2022-08-16 09:25:21

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