Iridian Asset Management LLC CT Has $7.24 Million Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Iridian Asset Management LLC CT increased its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 27.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 83,713 shares of the company's stock after purchasing an additional 18,064 shares during the quarter. Beacon Roofing Supply makes up 1.5% of Iridian Asset Management LLC CT's portfolio, making the stock its 20th largest holding. Iridian Asset Management LLC CT owned approximately 0.13% of Beacon Roofing Supply worth $7,235,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new stake in Beacon Roofing Supply in the first quarter valued at $26,000. Blue Trust Inc. increased its stake in shares of Beacon Roofing Supply by 222.1% in the third quarter. Blue Trust Inc. now owns 306 shares of the company's stock valued at $28,000 after buying an additional 211 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Beacon Roofing Supply by 145.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 343 shares of the company's stock valued at $30,000 after buying an additional 203 shares during the last quarter. GAMMA Investing LLC grew its holdings in Beacon Roofing Supply by 154.0% during the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company's stock worth $63,000 after acquiring an additional 445 shares during the last quarter. Finally, Central Pacific Bank Trust Division increased its position in Beacon Roofing Supply by 66.7% in the 3rd quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company's stock valued at $108,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 98.45% of the company's stock.

Beacon Roofing Supply Trading Down 3.6 %

Beacon Roofing Supply stock traded down $3.40 during mid-day trading on Thursday, hitting $92.07. 1,353,391 shares of the company's stock were exchanged, compared to its average volume of 713,804. The company's 50 day simple moving average is $88.81 and its 200-day simple moving average is $92.22. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75. The firm has a market capitalization of $5.86 billion, a P/E ratio of -149.84 and a beta of 1.55. Beacon Roofing Supply, Inc. has a fifty-two week low of $69.94 and a fifty-two week high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $2.80 EPS for the quarter, missing analysts' consensus estimates of $2.88 by ($0.08). Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.78 billion. On average, equities analysts anticipate that Beacon Roofing Supply, Inc. will post 7.37 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on BECN. Stephens decreased their price target on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Monday, August 5th. Royal Bank of Canada decreased their price objective on Beacon Roofing Supply from $119.00 to $113.00 and set an "outperform" rating on the stock in a research report on Friday, August 2nd. Finally, Robert W. Baird boosted their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $114.33.

Insiders Place Their Bets

In related news, EVP Christopher Carl Nelson sold 1,627 shares of the firm's stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $85.00, for a total transaction of $138,295.00. Following the sale, the executive vice president now directly owns 320 shares in the company, valued at $27,200. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Beacon Roofing Supply news, CFO Prithvi Gandhi acquired 5,000 shares of Beacon Roofing Supply stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the purchase, the chief financial officer now directly owns 5,000 shares in the company, valued at approximately $411,450. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Christopher Carl Nelson sold 1,627 shares of Beacon Roofing Supply stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $85.00, for a total value of $138,295.00. Following the completion of the sale, the executive vice president now directly owns 320 shares in the company, valued at approximately $27,200. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company's stock.

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.