Squarepoint Ops LLC Raises Stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Squarepoint Ops LLC boosted its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 844.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,599 shares of the company’s stock after buying an additional 22,888 shares during the period. Squarepoint Ops LLC’s holdings in Beacon Roofing Supply were worth $2,600,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of BECN. Vanguard Group Inc. lifted its holdings in Beacon Roofing Supply by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 6,509,495 shares of the company’s stock valued at $661,235,000 after acquiring an additional 24,027 shares during the period. Boston Partners lifted its holdings in Beacon Roofing Supply by 1.3% in the fourth quarter. Boston Partners now owns 4,531,106 shares of the company’s stock valued at $462,417,000 after acquiring an additional 59,630 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in Beacon Roofing Supply by 16.0% in 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 acquiring an additional 329,047 shares during the period. Invesco Ltd. lifted its holdings in Beacon Roofing Supply by 7.4% in the fourth quarter. Invesco Ltd. now owns 1,248,349 shares of the company’s stock valued at $126,807,000 after acquiring an additional 86,209 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Beacon Roofing Supply by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company’s stock valued at $103,011,000 after acquiring an additional 20,372 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Analysts Set New Price Targets

BECN has been the subject of several research analyst reports. Baird R W downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. BMO Capital Markets reaffirmed a “market perform” rating and set a $124.35 target price (down from $130.00) on shares of Beacon Roofing Supply in a research note on Thursday, April 17th. Wall Street Zen initiated coverage on Beacon Roofing Supply in a research note on Tuesday, May 20th. They set a “sell” rating for the company. Robert W. Baird upped their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. Finally, Loop Capital reaffirmed a “hold” rating and set a $124.00 target price on shares of Beacon Roofing Supply in a research note on Friday, March 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $124.78.

Beacon Roofing Supply Price Performance

Shares of BECN opened at $124.17 on Wednesday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. Beacon Roofing Supply, Inc. has a one year low of $77.54 and a one year high of $124.31. The stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 21.23 and a beta of 1.31. The stock has a 50 day moving average price of $123.73 and a 200 day moving average price of $115.98.

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

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 16,595 shares of the company’s stock in a transaction on Thursday, April 3rd. The stock was 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 $57,231.43. This represents a 97.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clement Munroe Best III sold 29,724 shares of the company’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $123.05, for a total value of $3,657,538.20. Following the completion of the sale, the insider now owns 87,943 shares of the company’s stock, valued at approximately $10,821,386.15. The trade was a 25.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,806 shares of company stock worth $6,745,448 in the last three months. 1.30% of the stock is owned by corporate insiders.

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.