Schwab Charles Investment Management Inc. Purchases 55,211 Shares of Beacon Roofing Supply, Inc. (BECN)
Schwab Charles Investment Management Inc. grew its position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 13.7% in the fourth quarter, Holdings Channel reports. The fund owned 457,222 shares of the company’s stock after acquiring an additional 55,211 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Beacon Roofing Supply were worth $29,153,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Bank of Montreal Can boosted its position in Beacon Roofing Supply by 18.2% during the 4th quarter. Bank of Montreal Can now owns 13,578 shares of the company’s stock worth $866,000 after acquiring an additional 2,090 shares during the last quarter. Skylands Capital LLC boosted its position in Beacon Roofing Supply by 10.2% during the 4th quarter. Skylands Capital LLC now owns 227,550 shares of the company’s stock worth $14,509,000 after acquiring an additional 21,050 shares during the last quarter. Copper Rock Capital Partners LLC boosted its position in Beacon Roofing Supply by 3.6% during the 4th quarter. Copper Rock Capital Partners LLC now owns 585,439 shares of the company’s stock worth $37,579,000 after acquiring an additional 20,296 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Beacon Roofing Supply by 1.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 197,664 shares of the company’s stock worth $10,130,000 after acquiring an additional 3,073 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in Beacon Roofing Supply during the 3rd quarter worth approximately $214,000. 99.69% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Ross D. Cooper sold 2,000 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total value of $119,500.00. Following the sale, the executive vice president now owns 7,056 shares in the company, valued at approximately $421,596. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Paul Isabella sold 40,000 shares of the stock in a transaction on Monday, November 27th. The shares were sold at an average price of $60.57, for a total value of $2,422,800.00. Following the completion of the sale, the chief executive officer now owns 172,046 shares in the company, valued at approximately $10,420,826.22. The disclosure for this sale can be found here. Corporate insiders own 0.77% of the company’s stock.
Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.54 by $0.14. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.10 billion. Beacon Roofing Supply had a return on equity of 10.15% and a net margin of 3.29%. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.56 EPS. analysts forecast that Beacon Roofing Supply, Inc. will post 3.58 earnings per share for the current year.
A number of research firms have weighed in on BECN. BidaskClub downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Jefferies Group reissued a “buy” rating and issued a $73.00 price objective on shares of Beacon Roofing Supply in a report on Wednesday, January 17th. Zacks Investment Research downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Monday, January 22nd. Royal Bank of Canada set a $66.00 price objective on Beacon Roofing Supply and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $70.00 price objective (up previously from $55.00) on shares of Beacon Roofing Supply in a report on Tuesday, November 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $60.45.
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Beacon Roofing Supply Profile
Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.
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