Beacon Roofing Supply, Inc. (NASDAQ:BECN) Holdings Trimmed by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lowered its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 22.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,654 shares of the company's stock after selling 2,441 shares during the period. CIBC Private Wealth Group LLC's holdings in Beacon Roofing Supply were worth $897,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Nomura Asset Management Co. Ltd. raised its stake in Beacon Roofing Supply by 26.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company's stock valued at $73,000 after buying an additional 150 shares in the last quarter. Norges Bank acquired a new stake in shares of Beacon Roofing Supply during the 4th quarter valued at approximately $94,573,000. Blair William & Co. IL lifted its stake in Beacon Roofing Supply by 4.5% during the fourth quarter. Blair William & Co. IL now owns 22,333 shares of the company's stock worth $2,269,000 after purchasing an additional 956 shares during the last quarter. Loomis Sayles & Co. L P boosted its holdings in Beacon Roofing Supply by 10.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 379,145 shares of the company's stock worth $38,514,000 after purchasing an additional 35,512 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Beacon Roofing Supply by 10.7% during the fourth quarter. JPMorgan Chase & Co. now owns 395,121 shares of the company's stock valued at $40,136,000 after purchasing an additional 38,199 shares during the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 16,595 shares of the stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $123.61, for a total value of $2,051,307.95. Following the completion of the transaction, the executive vice president now owns 463 shares in the company, valued at $57,231.43. This trade represents a 97.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Clement Munroe Best III sold 29,724 shares of Beacon Roofing Supply stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $123.05, for a total value of $3,657,538.20. Following the completion of the transaction, the insider now directly owns 87,943 shares in the company, valued at $10,821,386.15. This represents a 25.26 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

BECN has been the subject of several research reports. Robert W. Baird lifted their price target on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an "outperform" rating in a report on Friday, February 28th. William Blair reaffirmed a "market perform" rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Baird R W lowered Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 20th. BMO Capital Markets dropped their target price on Beacon Roofing Supply from $136.00 to $130.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. Finally, Loop Capital reissued a "hold" rating and set a $124.00 price target on shares of Beacon Roofing Supply in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $122.10.

Beacon Roofing Supply Price Performance

Shares of BECN traded up $0.49 during midday trading on Tuesday, reaching $122.59. The stock had a trading volume of 943,218 shares, compared to its average volume of 1,064,460. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The company has a market capitalization of $7.57 billion, a P/E ratio of 20.95 and a beta of 1.31. The firm's 50 day moving average price is $119.22 and its 200-day moving average price is $107.86. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 week high of $123.90.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. On average, analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

Beacon Roofing Supply Company 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.