Royal Bank of Canada Raises Position in Beacon Roofing Supply, Inc. (BECN)
Royal Bank of Canada raised its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 4.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,095,506 shares of the company’s stock after buying an additional 44,840 shares during the period. Royal Bank of Canada owned about 1.81% of Beacon Roofing Supply worth $53,680,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of BECN. BlackRock Inc. boosted its holdings in Beacon Roofing Supply by 80,484.5% during the first quarter. BlackRock Inc. now owns 4,021,973 shares of the company’s stock worth $197,720,000 after buying an additional 4,016,982 shares in the last quarter. BlueCrest Capital Management Ltd bought a new stake in Beacon Roofing Supply during the first quarter worth approximately $21,690,000. Vanguard Group Inc. boosted its holdings in Beacon Roofing Supply by 5.4% during the first quarter. Vanguard Group Inc. now owns 4,845,530 shares of the company’s stock worth $238,207,000 after buying an additional 246,233 shares in the last quarter. Tudor Investment Corp ET AL boosted its holdings in Beacon Roofing Supply by 985.2% during the first quarter. Tudor Investment Corp ET AL now owns 182,051 shares of the company’s stock worth $8,950,000 after buying an additional 165,275 shares in the last quarter. Finally, Vivaldi Asset Management LLC bought a new stake in Beacon Roofing Supply during the second quarter worth approximately $8,016,000. Hedge funds and other institutional investors own 91.22% of the company’s stock.
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A number of analysts recently weighed in on the stock. SunTrust Banks, Inc. restated a “buy” rating and set a $55.00 target price on shares of Beacon Roofing Supply in a report on Monday. BidaskClub cut shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Jefferies Group LLC upgraded shares of Beacon Roofing Supply from a “hold” rating to a “buy” rating and raised their target price for the stock from $50.00 to $54.00 in a report on Friday, August 25th. Royal Bank Of Canada restated a “buy” rating and set a $58.00 target price on shares of Beacon Roofing Supply in a report on Monday, July 24th. Finally, KeyCorp upgraded shares of Beacon Roofing Supply from a “sector weight” rating to an “overweight” rating and set a $52.00 target price for the company in a report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $52.55.
Shares of Beacon Roofing Supply, Inc. (BECN) traded down 0.38% during midday trading on Thursday, hitting $52.71. 31,724 shares of the company traded hands. Beacon Roofing Supply, Inc. has a 12-month low of $39.57 and a 12-month high of $53.08. The stock has a market capitalization of $3.18 billion, a P/E ratio of 31.30 and a beta of 1.32. The stock’s 50-day moving average is $47.50 and its 200 day moving average is $48.01.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.84 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.90 by ($0.06). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.27 billion. Beacon Roofing Supply had a net margin of 2.42% and a return on equity of 9.55%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.77 EPS. On average, analysts expect that Beacon Roofing Supply, Inc. will post $2.19 earnings per share for the current year.
Beacon Roofing Supply Company Profile
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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