42,000 Shares in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Acquired by Wolverine Asset Management LLC

Wolverine Asset Management LLC acquired a new position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 42,000 shares of the company’s stock, valued at approximately $3,801,000. Wolverine Asset Management LLC owned about 0.07% of Beacon Roofing Supply at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BECN. Allspring Global Investments Holdings LLC purchased a new stake in shares of Beacon Roofing Supply during the 1st quarter worth approximately $26,000. PNC Financial Services Group Inc. lifted its position in shares of Beacon Roofing Supply by 145.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after buying an additional 203 shares during the last quarter. Quarry LP lifted its position in shares of Beacon Roofing Supply by 127.1% during the 4th quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after buying an additional 225 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Beacon Roofing Supply during the 4th quarter worth approximately $36,000. Finally, Plato Investment Management Ltd raised its position in Beacon Roofing Supply by 140.3% in the 1st quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock valued at $109,000 after purchasing an additional 648 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on BECN shares. Royal Bank of Canada reduced their price target on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. JPMorgan Chase & Co. boosted their price objective 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. StockNews.com cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Robert W. Baird dropped their price objective on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Stephens dropped their price objective on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.30.

Beacon Roofing Supply Price Performance

Shares of Beacon Roofing Supply stock traded down $2.14 on Tuesday, hitting $88.46. The company’s stock had a trading volume of 27,445 shares, compared to its average volume of 718,805. Beacon Roofing Supply, Inc. has a 52-week low of $68.50 and a 52-week high of $105.42. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75. The firm has a fifty day moving average price of $91.06 and a 200-day moving average price of $93.09. The company has a market capitalization of $5.47 billion, a P/E ratio of -143.81 and a beta of 1.58.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, August 1st. The company reported $2.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). The firm had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.69 billion. Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. Beacon Roofing Supply’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the company posted $2.66 earnings per share. On average, equities research analysts expect that Beacon Roofing Supply, Inc. will post 7.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Christopher Carl Nelson sold 2,955 shares of the company’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 320 shares in the company, valued at $29,155.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Prithvi Gandhi purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were bought at an average price of $82.29 per share, for a total transaction of $411,450.00. Following the acquisition, the chief financial officer now directly owns 5,000 shares in the company, valued at $411,450. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christopher Carl Nelson sold 2,955 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 320 shares of the company’s stock, valued at $29,155.20. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

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.