Cortina Asset Management LLC cut its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 15.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 515,420 shares of the company’s stock after selling 96,465 shares during the period. Beacon Roofing Supply makes up about 1.1% of Cortina Asset Management LLC’s investment portfolio, making the stock its 21st largest position. Cortina Asset Management LLC’s holdings in Beacon Roofing Supply were worth $25,338,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of BECN. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in Beacon Roofing Supply by 2,200.0% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,300 shares of the company’s stock worth $114,000 after buying an additional 2,200 shares during the period. Lloyds Banking Group plc bought a new position in shares of Beacon Roofing Supply during the first quarter worth approximately $131,000. Turner Investments LLC bought a new position in shares of Beacon Roofing Supply during the fourth quarter worth approximately $169,000. Greenwood Capital Associates LLC bought a new position in shares of Beacon Roofing Supply during the fourth quarter worth approximately $214,000. Finally, Worth Venture Partners LLC bought a new position in shares of Beacon Roofing Supply during the first quarter worth approximately $220,000.

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

Beacon Roofing Supply, Inc. (BECN) opened at 49.49 on Wednesday. The stock has a market cap of $2.98 billion, a PE ratio of 30.20 and a beta of 1.31. The company’s 50 day moving average is $48.92 and its 200-day moving average is $47.50. 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 announced its earnings results on Thursday, May 4th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02. Beacon Roofing Supply had a net margin of 2.37% and a return on equity of 9.42%. The business had revenue of $870.70 million during the quarter, compared to the consensus estimate of $814.74 million. During the same period in the prior year, the firm earned $0.03 earnings per share. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities analysts anticipate that Beacon Roofing Supply, Inc. will post $2.37 earnings per share for the current year.

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A number of research firms have commented on BECN. Royal Bank Of Canada raised their price target on Beacon Roofing Supply from $51.00 to $58.00 and gave the company an “outperform” rating in a report on Monday, May 15th. Wedbush reiterated a “neutral” rating and issued a $47.00 price target on shares of Beacon Roofing Supply in a research report on Wednesday, May 31st. Zacks Investment Research upgraded Beacon Roofing Supply from a “sell” rating to a “buy” rating and set a $56.00 target price for the company in a research report on Thursday, April 13th. William Blair restated a “neutral” rating and set a $45.00 target price on shares of Beacon Roofing Supply in a research report on Friday, April 14th. Finally, Citigroup Inc. reiterated a “buy” rating and issued a $52.00 price target (up previously from $48.00) on shares of Beacon Roofing Supply in a report on Thursday, May 11th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $51.63.

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.

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