Balyasny Asset Management L.P. Makes New $68.59 Million Investment in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Balyasny Asset Management L.P. purchased a new stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 675,208 shares of the company's stock, valued at approximately $68,588,000. Balyasny Asset Management L.P. owned approximately 1.09% of Beacon Roofing Supply at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BECN. Charles Schwab Investment Management Inc. grew its stake in Beacon Roofing Supply by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 615,174 shares of the company's stock valued at $62,489,000 after purchasing an additional 11,426 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Beacon Roofing Supply in the fourth quarter valued at approximately $11,185,000. Hsbc Holdings PLC increased its holdings in Beacon Roofing Supply by 188.8% in the 4th quarter. Hsbc Holdings PLC now owns 26,908 shares of the company's stock worth $2,741,000 after buying an additional 17,591 shares during the period. Raymond James Financial Inc. purchased a new position in Beacon Roofing Supply during the 4th quarter worth approximately $24,162,000. Finally, Barclays PLC boosted its holdings in shares of Beacon Roofing Supply by 272.0% in the 3rd quarter. Barclays PLC now owns 122,024 shares of the company's stock valued at $10,547,000 after acquiring an additional 89,222 shares during the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on BECN. Baird R W downgraded shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 20th. StockNews.com initiated coverage on Beacon Roofing Supply in a research note on Sunday, May 4th. They issued a "sell" rating on the stock. Raymond James cut Beacon Roofing Supply from a "moderate buy" rating to a "hold" rating in a research report on Friday, March 21st. Loop Capital restated a "hold" rating and issued a $124.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, March 21st. Finally, Robert W. Baird raised their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an "outperform" rating in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply presently has an average rating of "Hold" and a consensus price target of $124.78.

Beacon Roofing Supply Stock Performance

Shares of NASDAQ BECN remained flat at $124.17 during mid-day trading on Friday. The company's 50-day moving average price is $122.27 and its two-hundred day moving average price is $113.63. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The stock has a market cap of $7.67 billion, a P/E ratio of 21.23 and a beta of 1.31. Beacon Roofing Supply, Inc. has a 1-year low of $77.54 and a 1-year high of $124.31.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share 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 return on equity of 25.32% and a net margin of 3.86%. As a group, analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 16,595 shares of Beacon Roofing Supply stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total value of $2,051,307.95. Following the completion of the transaction, the executive vice president now owns 463 shares in the company, valued at approximately $57,231.43. The trade was a 97.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the 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 in the company, valued at approximately $2,765,493.88. This trade represents a 27.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,806 shares of company stock worth $6,745,448. Insiders own 1.30% of the company's stock.

Beacon Roofing Supply Company Profile

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.