Meritage Portfolio Management Boosts Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Meritage Portfolio Management grew its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 5.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,888 shares of the company’s stock after purchasing an additional 210 shares during the period. Meritage Portfolio Management’s holdings in Beacon Roofing Supply were worth $338,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BECN. Vanguard Group Inc. raised its stake in Beacon Roofing Supply by 19.3% in the third quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock valued at $434,118,000 after purchasing an additional 909,819 shares in the last quarter. Acadian Asset Management LLC grew its position in Beacon Roofing Supply by 4,518.3% in the third quarter. Acadian Asset Management LLC now owns 356,902 shares of the company’s stock worth $27,527,000 after acquiring an additional 349,174 shares in the last quarter. American Century Companies Inc. increased its stake in Beacon Roofing Supply by 9.3% in the third quarter. American Century Companies Inc. now owns 2,734,447 shares of the company’s stock valued at $211,017,000 after acquiring an additional 233,393 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Beacon Roofing Supply during the third quarter valued at about $6,442,000. Finally, Boston Partners lifted its stake in Beacon Roofing Supply by 19.4% during the third quarter. Boston Partners now owns 435,029 shares of the company’s stock worth $33,250,000 after purchasing an additional 70,554 shares during the last quarter. Institutional investors own 98.45% of the company’s stock.

Analysts Set New Price Targets

BECN has been the topic of a number of research reports. TheStreet raised Beacon Roofing Supply from a “c” rating to a “b-” rating in a report on Tuesday, February 27th. Robert W. Baird raised shares of Beacon Roofing Supply from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $99.00 to $115.00 in a research note on Thursday, February 29th. JPMorgan Chase & Co. decreased their target price on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating on the stock in a research report on Thursday, January 11th. William Blair upgraded shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research report on Monday, January 8th. Finally, BMO Capital Markets lifted their price objective on Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply presently has an average rating of “Moderate Buy” and a consensus target price of $102.92.

Insider Buying and Selling

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the transaction, the executive vice president now owns 176 shares of the company’s stock, valued at $16,521.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the completion of the transaction, the executive vice president now directly owns 176 shares in the company, valued at $16,521.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total value of $171,475.00. Following the completion of the sale, the insider now owns 10,531 shares in the company, valued at approximately $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Beacon Roofing Supply Trading Up 1.5 %

NASDAQ BECN opened at $99.00 on Friday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85. The stock has a market cap of $6.28 billion, a P/E ratio of -210.64 and a beta of 1.63. The stock has a 50 day simple moving average of $92.59 and a two-hundred day simple moving average of $85.15. Beacon Roofing Supply, Inc. has a fifty-two week low of $57.01 and a fifty-two week high of $102.83.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $1.47 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.22). Beacon Roofing Supply had a return on equity of 26.95% and a net margin of 4.74%. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter last year, the business earned $1.18 earnings per share. The business’s quarterly revenue was up 16.8% on a year-over-year basis. On average, analysts forecast that Beacon Roofing Supply, Inc. will post 7.8 earnings per share for the current year.

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.