Wells Fargo & Company MN Raises Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Wells Fargo & Company MN grew its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 18.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,735 shares of the company's stock after acquiring an additional 11,915 shares during the quarter. Wells Fargo & Company MN owned about 0.13% of Beacon Roofing Supply worth $7,896,000 at the end of the most recent reporting period.

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

Beacon Roofing Supply Stock Up 0.6 %

BECN stock opened at $123.85 on Friday. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The company's 50-day moving average price is $119.92 and its 200 day moving average price is $109.69. Beacon Roofing Supply, Inc. has a 52 week low of $77.54 and a 52 week high of $123.90. The company has a market cap of $7.65 billion, a P/E ratio of 21.17 and a beta of 1.31.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BECN shares. StockNews.com assumed coverage on Beacon Roofing Supply in a research note on Friday. They issued a "sell" rating on the stock. Royal Bank of Canada lowered shares of Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and lifted their price objective for the company from $124.00 to $124.35 in a research report on Wednesday, April 2nd. Zelman & Associates downgraded shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research 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, Stifel Nicolaus lowered shares of Beacon Roofing Supply from a "buy" rating to a "hold" rating and dropped their price target for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $121.47.

Insider Transactions 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 transaction of $2,051,307.95. Following the sale, the executive vice president now owns 463 shares of the company's stock, valued at $57,231.43. This trade represents a 97.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the business's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $122.14, for a total transaction of $1,036,602.18. Following the completion of the transaction, the insider now directly owns 22,642 shares of the company's stock, valued at $2,765,493.88. The trade was a 27.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 54,806 shares of company stock valued at $6,745,448 in the last 90 days. 1.30% of the stock is currently owned by insiders.

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.

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