Beacon Roofing Supply, Inc. (BECN) Position Lifted by Peregrine Capital Management LLC

Peregrine Capital Management LLC grew its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 189.6% during the third quarter, Holdings Channel reports. The institutional investor owned 551,938 shares of the company’s stock after acquiring an additional 361,373 shares during the period. Peregrine Capital Management LLC’s holdings in Beacon Roofing Supply were worth $19,975,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of BECN. Iridian Asset Management LLC CT bought a new stake in shares of Beacon Roofing Supply during the second quarter worth $57,840,000. Glenmede Trust Co. NA grew its stake in shares of Beacon Roofing Supply by 21,562.2% during the second quarter. Glenmede Trust Co. NA now owns 831,180 shares of the company’s stock worth $35,425,000 after buying an additional 827,343 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Beacon Roofing Supply by 47.3% during the second quarter. Bank of New York Mellon Corp now owns 1,628,136 shares of the company’s stock worth $69,392,000 after buying an additional 522,722 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Beacon Roofing Supply by 84.4% during the second quarter. Wells Fargo & Company MN now owns 941,652 shares of the company’s stock worth $40,132,000 after buying an additional 430,921 shares during the last quarter. Finally, Riverbridge Partners LLC grew its stake in shares of Beacon Roofing Supply by 32.7% during the third quarter. Riverbridge Partners LLC now owns 1,705,081 shares of the company’s stock worth $61,707,000 after buying an additional 419,731 shares during the last quarter.

Shares of Beacon Roofing Supply stock opened at $30.02 on Friday. The company has a current ratio of 2.07, a quick ratio of 1.14 and a debt-to-equity ratio of 1.63. Beacon Roofing Supply, Inc. has a twelve month low of $29.94 and a twelve month high of $66.47. The firm has a market capitalization of $2.09 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 0.42 and a beta of 1.15.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Tuesday, August 7th. The company reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.14). Beacon Roofing Supply had a return on equity of 9.94% and a net margin of 1.65%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the prior year, the firm earned $0.84 EPS. As a group, sell-side analysts predict that Beacon Roofing Supply, Inc. will post 3.03 earnings per share for the current fiscal year.

In other Beacon Roofing Supply news, Director Philip Knisely acquired 6,000 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, August 16th. The shares were bought at an average price of $37.14 per share, with a total value of $222,840.00. Following the completion of the purchase, the director now directly owns 6,000 shares in the company, valued at approximately $222,840. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Cd&R Investment Associates Ix, acquired 314,400 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, August 9th. The stock was acquired at an average cost of $38.77 per share, for a total transaction of $12,189,288.00. The disclosure for this purchase can be found here. Insiders own 0.77% of the company’s stock.

A number of analysts have weighed in on BECN shares. MKM Partners started coverage on shares of Beacon Roofing Supply in a research note on Thursday, June 28th. They set a “buy” rating and a $61.00 target price on the stock. Wells Fargo & Co cut shares of Beacon Roofing Supply from a “market perform” rating to an “underperform” rating and set a $58.00 target price on the stock. in a research note on Wednesday, August 8th. Wedbush reaffirmed an “outperform” rating and set a $50.00 target price on shares of Beacon Roofing Supply in a research note on Thursday, August 23rd. Longbow Research reaffirmed a “buy” rating on shares of Beacon Roofing Supply in a research note on Monday, September 24th. Finally, Robert W. Baird cut shares of Beacon Roofing Supply from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $55.00 to $37.00 in a research note on Tuesday, October 2nd. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. Beacon Roofing Supply currently has an average rating of “Hold” and an average target price of $49.86.

Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and other accessories.

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

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