iA Global Asset Management Inc. Sells 15,310 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

iA Global Asset Management Inc. decreased its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 23.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,410 shares of the company’s stock after selling 15,310 shares during the period. iA Global Asset Management Inc. owned 0.08% of Beacon Roofing Supply worth $4,843,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quantedge Capital Pte Ltd acquired a new stake in Beacon Roofing Supply in the fourth quarter valued at $2,498,000. Teacher Retirement System of Texas lifted its stake in Beacon Roofing Supply by 87.1% in the 4th quarter. Teacher Retirement System of Texas now owns 49,733 shares of the company’s stock valued at $4,328,000 after purchasing an additional 23,149 shares during the last quarter. National Bank of Canada FI bought a new position in Beacon Roofing Supply during the fourth quarter worth about $2,439,000. Capstone Investment Advisors LLC acquired a new position in Beacon Roofing Supply during the first quarter worth approximately $1,664,000. Finally, Benson Investment Management Company Inc. acquired a new stake in shares of Beacon Roofing Supply in the first quarter valued at approximately $3,807,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BECN shares. StockNews.com lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Truist Financial lifted their price target on Beacon Roofing Supply from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. Benchmark initiated coverage on Beacon Roofing Supply in a report on Thursday, April 18th. They issued a “buy” rating and a $135.00 price objective on the stock. BMO Capital Markets lifted their target price on Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Finally, JPMorgan Chase & Co. upped their price target on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $109.45.

Beacon Roofing Supply Trading Down 4.4 %

Shares of NASDAQ:BECN traded down $4.53 during trading on Thursday, reaching $98.27. The stock had a trading volume of 974,451 shares, compared to its average volume of 697,881. Beacon Roofing Supply, Inc. has a 52 week low of $68.50 and a 52 week high of $105.42. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.02 and a current ratio of 1.87. The firm’s fifty day moving average is $95.51 and its 200 day moving average is $92.67. The stock has a market cap of $6.25 billion, a price-to-earnings ratio of -155.98 and a beta of 1.58.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, May 2nd. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.35 by $0.06. Beacon Roofing Supply had a return on equity of 26.39% and a net margin of 4.47%. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.88 billion. As a group, equities analysts forecast that Beacon Roofing Supply, Inc. will post 7.79 EPS for the current fiscal year.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 2,955 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $91.11, for a total value of $269,230.05. Following the transaction, the executive vice president now owns 320 shares in the company, valued at $29,155.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.30% of the company’s stock.

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.