Forum Financial Management LP Takes $224,000 Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Forum Financial Management LP acquired a new stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,202 shares of the company's stock, valued at approximately $224,000.

Several other large investors have also modified their holdings of BECN. SBI Securities Co. Ltd. acquired a new position in shares of Beacon Roofing Supply during the fourth quarter worth about $31,000. PNC Financial Services Group Inc. increased its holdings in shares of Beacon Roofing Supply by 38.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company's stock valued at $60,000 after acquiring an additional 163 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Beacon Roofing Supply by 26.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company's stock worth $73,000 after purchasing an additional 150 shares during the period. Principal Securities Inc. raised its holdings in shares of Beacon Roofing Supply by 16.5% during the fourth quarter. Principal Securities Inc. now owns 1,381 shares of the company's stock worth $140,000 after purchasing an additional 196 shares during the period. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Beacon Roofing Supply during the fourth quarter valued at approximately $152,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BECN has been the subject of several recent analyst reports. Royal Bank of Canada cut Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and increased their price target for the stock from $124.00 to $124.35 in a research note on Wednesday, April 2nd. Zelman & Associates cut shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 16th. Raymond James lowered shares of Beacon Roofing Supply from a "moderate buy" rating to a "hold" rating in a research note on Friday, March 21st. Loop Capital reiterated a "hold" rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, March 21st. Finally, Benchmark reissued a "buy" rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $121.47.

Insider Activity

In other news, insider Clement Munroe Best III sold 29,724 shares of the company's 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 transaction, the insider now owns 87,943 shares in the company, valued at $10,821,386.15. This represents a 25.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $122.14, for a total transaction of $1,036,602.18. Following the sale, the insider now owns 22,642 shares of the company's stock, valued at approximately $2,765,493.88. This represents a 27.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,806 shares of company stock worth $6,745,448 over the last 90 days. 1.30% of the stock is owned by company insiders.

Beacon Roofing Supply Price Performance

Shares of NASDAQ:BECN traded up $0.10 on Friday, reaching $124.19. 1,371,727 shares of the company traded hands, compared to its average volume of 1,155,714. The stock has a market capitalization of $7.67 billion, a PE ratio of 21.23 and a beta of 1.31. 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's 50 day moving average is $120.59 and its 200-day moving average is $111.38. Beacon Roofing Supply, Inc. has a fifty-two week low of $77.54 and a fifty-two week high of $124.19.

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

About Beacon Roofing Supply

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.