Alliancebernstein L.P. Cuts Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Alliancebernstein L.P. lessened its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 7.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 71,517 shares of the company's stock after selling 5,390 shares during the quarter. Alliancebernstein L.P. owned about 0.12% of Beacon Roofing Supply worth $7,265,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Beacon Roofing Supply by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 615,174 shares of the company's stock valued at $62,489,000 after acquiring an additional 11,426 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Beacon Roofing Supply during the fourth quarter worth about $24,162,000. Barclays PLC raised its holdings in Beacon Roofing Supply by 272.0% during the third quarter. Barclays PLC now owns 122,024 shares of the company's stock worth $10,547,000 after purchasing an additional 89,222 shares in the last quarter. Boston Partners lifted its position in Beacon Roofing Supply by 1.3% in the fourth quarter. Boston Partners now owns 4,531,106 shares of the company's stock valued at $462,417,000 after purchasing an additional 59,630 shares during the period. Finally, Fisher Asset Management LLC increased its position in Beacon Roofing Supply by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company's stock worth $103,011,000 after purchasing an additional 20,372 shares during the period. Hedge funds and other institutional investors own 98.45% of the company's stock.

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Insiders Place Their Bets

In related news, insider Clement Munroe Best III sold 29,724 shares of the business's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $123.05, for a total value of $3,657,538.20. Following the completion of the sale, the insider now directly owns 87,943 shares in the company, valued at approximately $10,821,386.15. The trade was a 25.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Christopher Carl Nelson sold 16,595 shares of the stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $123.61, for a total transaction of $2,051,307.95. Following the transaction, the executive vice president now directly owns 463 shares in the company, valued at approximately $57,231.43. This represents a 97.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,806 shares of company stock valued at $6,745,448 in the last quarter. 1.30% of the stock is currently owned by company insiders.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock traded down $0.25 during midday trading on Tuesday, reaching $123.13. 1,825,818 shares of the company were exchanged, compared to its average volume of 1,112,828. The firm's 50-day simple moving average is $119.80 and its 200-day simple moving average is $109.50. Beacon Roofing Supply, Inc. has a 1 year low of $77.54 and a 1 year high of $123.90. The company has a market capitalization of $7.61 billion, a price-to-earnings ratio of 21.05 and a beta of 1.31. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts' consensus estimates of $1.66 by ($0.01). Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. The firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.43 billion. On average, analysts anticipate that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BECN shares. Stifel Nicolaus lowered Beacon Roofing Supply from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $131.00 to $122.55 in a report on Friday, February 7th. Raymond James downgraded shares of Beacon Roofing Supply from a "moderate buy" rating to a "hold" rating in a research report on Friday, March 21st. Zelman & Associates cut Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 16th. William Blair reaffirmed a "market perform" rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Finally, Loop Capital reiterated a "hold" rating and set a $124.00 target price on shares of Beacon Roofing Supply in a research report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $122.10.

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.