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

Iridian Asset Management LLC CT grew its position in Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 27.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 83,713 shares of the company’s stock after acquiring an additional 18,064 shares during the period. Beacon Roofing Supply accounts for approximately 1.5% of Iridian Asset Management LLC CT’s investment portfolio, making the stock its 20th biggest position. Iridian Asset Management LLC CT owned 0.13% of Beacon Roofing Supply worth $7,235,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of BECN. Assenagon Asset Management S.A. increased its holdings in Beacon Roofing Supply by 12.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 209,547 shares of the company’s stock worth $18,111,000 after purchasing an additional 22,971 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Beacon Roofing Supply by 29.6% during the third quarter. Raymond James & Associates now owns 54,462 shares of the company’s stock worth $4,707,000 after purchasing an additional 12,433 shares during the last quarter. 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 during the period. Vontobel Holding Ltd. bought a new position in Beacon Roofing Supply in the 3rd quarter valued at approximately $897,000. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its holdings in Beacon Roofing Supply by 24.4% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 20,900 shares of the company’s stock worth $1,806,000 after acquiring an additional 4,100 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Insider Activity

In related news, EVP Christopher Carl Nelson sold 1,627 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the transaction, the executive vice president now directly owns 320 shares of the company’s stock, valued at approximately $27,200. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Christopher Carl Nelson sold 1,627 shares of Beacon Roofing Supply stock in a transaction on 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 owns 320 shares of the company’s stock, valued at approximately $27,200. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Prithvi Gandhi acquired 5,000 shares of the stock in a transaction on Wednesday, August 7th. The shares were acquired at an average price of $82.29 per share, for a total transaction of $411,450.00. Following the acquisition, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $411,450. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BECN. Royal Bank of Canada reduced their price objective on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird raised their price objective 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. Finally, Stephens lowered their price objective on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $114.33.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock opened at $95.47 on Thursday. The stock’s 50 day moving average price is $88.64 and its two-hundred day moving average price is $92.20. The stock has a market capitalization of $6.07 billion, a price-to-earnings ratio of -151.54 and a beta of 1.55. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.09 and a current ratio of 1.90. Beacon Roofing Supply, Inc. has a 52-week low of $69.94 and a 52-week high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). The company had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.66 earnings per share. On average, equities analysts predict that Beacon Roofing Supply, Inc. will post 7.37 earnings per share for the current 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.