Wells Fargo & Company MN Cuts Stake in Beacon Roofing Supply, Inc. (BECN)

Wells Fargo & Company MN trimmed its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 0.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 661,687 shares of the company’s stock after selling 1,761 shares during the period. Wells Fargo & Company MN owned approximately 1.10% of Beacon Roofing Supply worth $32,423,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in shares of Beacon Roofing Supply in the second quarter valued at about $100,000. Advisors Asset Management Inc. lifted its holdings in shares of Beacon Roofing Supply by 36.7% in the second quarter. Advisors Asset Management Inc. now owns 2,105 shares of the company’s stock valued at $103,000 after purchasing an additional 565 shares in the last quarter. Huntington National Bank lifted its holdings in shares of Beacon Roofing Supply by 3.8% in the second quarter. Huntington National Bank now owns 3,138 shares of the company’s stock valued at $154,000 after purchasing an additional 116 shares in the last quarter. Lloyds Banking Group plc lifted its holdings in shares of Beacon Roofing Supply by 37.7% in the second quarter. Lloyds Banking Group plc now owns 3,694 shares of the company’s stock valued at $180,000 after purchasing an additional 1,012 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Beacon Roofing Supply by 20.2% in the first quarter. Fifth Third Bancorp now owns 3,934 shares of the company’s stock valued at $193,000 after purchasing an additional 661 shares in the last quarter.

Shares of Beacon Roofing Supply, Inc. (BECN) opened at 47.86 on Thursday. The company has a 50 day moving average price of $45.06 and a 200-day moving average price of $47.77. The firm has a market cap of $2.89 billion, a P/E ratio of 28.42 and a beta of 1.30. Beacon Roofing Supply, Inc. has a 52-week low of $39.50 and a 52-week high of $52.12.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Wednesday, August 2nd. The company reported $0.84 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.90 by ($0.06). Beacon Roofing Supply had a return on equity of 9.55% and a net margin of 2.42%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the business earned $0.77 EPS. Beacon Roofing Supply’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts expect that Beacon Roofing Supply, Inc. will post $2.20 earnings per share for the current fiscal year.

BECN has been the topic of a number of research reports. SunTrust Banks, Inc. restated a “buy” rating on shares of Beacon Roofing Supply in a report on Tuesday, September 12th. Northcoast Research upgraded Beacon Roofing Supply from a “neutral” rating to a “buy” rating and set a $53.00 price target on the stock in a report on Friday, August 25th. Jefferies Group LLC upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and boosted their price target for the company from $50.00 to $54.00 in a report on Friday, August 25th. Zacks Investment Research upgraded Beacon Roofing Supply from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Wednesday, July 5th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $58.00 price target on shares of Beacon Roofing Supply in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $52.00.

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About Beacon Roofing Supply

Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.

Institutional Ownership by Quarter for Beacon Roofing Supply (NASDAQ:BECN)

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