Bayesian Capital Management LP Takes $1.72 Million Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Bayesian Capital Management LP purchased a new stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 16,956 shares of the company's stock, valued at approximately $1,722,000.

Several other institutional investors and hedge funds have also bought and sold shares of BECN. Barclays PLC boosted its holdings in shares of Beacon Roofing Supply by 272.0% during the 3rd quarter. Barclays PLC now owns 122,024 shares of the company's stock valued at $10,547,000 after buying an additional 89,222 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Beacon Roofing Supply by 11.8% during the 3rd quarter. Tidal Investments LLC now owns 5,022 shares of the company's stock valued at $434,000 after buying an additional 530 shares during the period. Franklin Resources Inc. boosted its position in Beacon Roofing Supply by 2.5% in the third quarter. Franklin Resources Inc. now owns 540,305 shares of the company's stock worth $50,443,000 after purchasing an additional 13,092 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Beacon Roofing Supply by 16.3% in the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company's stock worth $30,849,000 after buying an additional 49,902 shares during the last quarter. Finally, Everence Capital Management Inc. purchased a new position in shares of Beacon Roofing Supply during the 4th quarter worth $210,000. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BECN has been the subject of a number of recent analyst reports. Royal Bank of Canada lowered shares of Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and upped their price target for the stock from $124.00 to $124.35 in a research report on Wednesday, April 2nd. Stifel Nicolaus downgraded shares of Beacon Roofing Supply from a "buy" rating to a "hold" rating and lowered their price target for the company from $131.00 to $122.55 in a report on Friday, February 7th. BMO Capital Markets reiterated a "market perform" rating and set a $124.35 price objective (down previously from $130.00) on shares of Beacon Roofing Supply in a research report on Thursday, April 17th. Zelman & Associates lowered Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 16th. Finally, Baird R W downgraded shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply currently has a consensus rating of "Hold" and an average price target of $124.78.

Insider Buying and Selling

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 16,595 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 463 shares in the company, valued at approximately $57,231.43. This represents a 97.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jonathan Stuart Bennett sold 8,487 shares of Beacon Roofing Supply stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $122.14, for a total value of $1,036,602.18. Following the transaction, the insider now owns 22,642 shares in the company, valued at approximately $2,765,493.88. The trade was a 27.26 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,806 shares of company stock valued at $6,745,448. 1.30% of the stock is owned by corporate insiders.

Beacon Roofing Supply Stock Performance

Shares of BECN remained flat at $124.17 during midday trading on Thursday. Beacon Roofing Supply, Inc. has a twelve month low of $77.54 and a twelve month high of $124.31. The company's 50-day moving average price is $122.01 and its two-hundred day moving average price is $113.26. 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 (NASDAQ:BECN - Get Free Report) last announced its quarterly 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). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.43 billion. Research analysts expect that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current year.

Beacon Roofing Supply 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.