Fisher Asset Management LLC Sells 242,676 Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Fisher Asset Management LLC lowered its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 19.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 986,453 shares of the company’s stock after selling 242,676 shares during the quarter. Fisher Asset Management LLC owned approximately 1.56% of Beacon Roofing Supply worth $85,841,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its position in shares of Beacon Roofing Supply by 63.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 836 shares of the company’s stock valued at $65,000 after acquiring an additional 325 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Beacon Roofing Supply by 5.0% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 4,209 shares of the company’s stock worth $325,000 after buying an additional 200 shares during the last quarter. Xponance Inc. lifted its position in Beacon Roofing Supply by 10.5% in the 3rd quarter. Xponance Inc. now owns 3,315 shares of the company’s stock worth $256,000 after buying an additional 314 shares during the last quarter. Raymond James & Associates lifted its position in Beacon Roofing Supply by 76.2% in the 3rd quarter. Raymond James & Associates now owns 38,263 shares of the company’s stock worth $2,953,000 after buying an additional 16,552 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Beacon Roofing Supply by 5.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 253,366 shares of the company’s stock worth $19,552,000 after buying an additional 13,678 shares during the last quarter. Institutional investors own 98.45% of the company’s stock.

Insider Activity

In related news, insider Jason L. Taylor sold 1,805 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $95.00, for a total transaction of $171,475.00. Following the completion of the sale, the insider now owns 10,531 shares in the company, valued at $1,000,445. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Christopher Carl Nelson sold 3,268 shares of the stock in a transaction dated 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 sale, the executive vice president now 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 accessible through the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $95.00, for a total value of $171,475.00. Following the sale, the insider now owns 10,531 shares of the company’s stock, valued at approximately $1,000,445. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BECN. Robert W. Baird boosted their target price on Beacon Roofing Supply from $115.00 to $117.00 and gave the stock an “outperform” rating in a research report on Friday. StockNews.com raised Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research note on Tuesday, April 16th. BMO Capital Markets lifted their price target on Beacon Roofing Supply from $95.00 to $120.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. William Blair raised Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research note on Monday, January 8th. Finally, Truist Financial boosted their target price on Beacon Roofing Supply from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Friday. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $104.33.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock opened at $95.89 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.85 and a quick ratio of 1.06. The business’s fifty day simple moving average is $93.77 and its two-hundred day simple moving average is $85.92. Beacon Roofing Supply, Inc. has a 12 month low of $57.01 and a 12 month high of $103.75.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.22). The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.27 billion. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.31%. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.18 earnings per share. Equities analysts expect that Beacon Roofing Supply, Inc. will post 7.8 earnings per share for the current year.

Beacon Roofing Supply 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.