Bayesian Capital Management LP Buys New Position in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

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

A number of other hedge funds and other institutional investors also recently made changes to their positions in BECN. Barclays PLC increased its position 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 worth $10,547,000 after purchasing an additional 89,222 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of Beacon Roofing Supply by 11.8% during the third quarter. Tidal Investments LLC now owns 5,022 shares of the company's stock worth $434,000 after buying an additional 530 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Beacon Roofing Supply by 2.5% in the third quarter. Franklin Resources Inc. now owns 540,305 shares of the company's stock valued at $50,443,000 after acquiring 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 3rd quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company's stock worth $30,849,000 after acquiring an additional 49,902 shares in the last quarter. Finally, Everence Capital Management Inc. acquired a new position in shares of Beacon Roofing Supply in the 4th quarter worth approximately $210,000. 98.45% of the stock is owned by institutional investors.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 29,724 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the sale, the insider now directly owns 87,943 shares in the company, valued at approximately $10,821,386.15. This trade represents a 25.26 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 transaction of $2,051,307.95. Following the completion of the transaction, the executive vice president now directly owns 463 shares in the company, valued at approximately $57,231.43. The trade was a 97.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,806 shares of company stock valued at $6,745,448 over the last three months. 1.30% of the stock is currently owned by corporate insiders.

Beacon Roofing Supply Stock Performance

NASDAQ:BECN remained flat at $124.17 during mid-day trading 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. Beacon Roofing Supply, Inc. has a 1 year low of $77.54 and a 1 year high of $124.31. The firm has a market cap of $7.67 billion, a PE ratio of 21.23 and a beta of 1.31. The stock has a fifty day simple moving average of $122.27 and a 200 day simple moving average of $113.63.

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 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 net margin of 3.86% and a return on equity of 25.32%. On average, equities research analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BECN has been the topic of several research analyst reports. StockNews.com assumed coverage on Beacon Roofing Supply in a report on Sunday, May 4th. They set a "sell" rating on the stock. Benchmark reissued a "buy" rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. BMO Capital Markets reissued a "market perform" rating and issued a $124.35 price target (down previously from $130.00) on shares of Beacon Roofing Supply in a report on Thursday, April 17th. Raymond James downgraded Beacon Roofing Supply from a "moderate buy" rating to a "hold" rating in a report on Friday, March 21st. Finally, Loop Capital reissued a "hold" rating and issued a $124.00 target price on shares of Beacon Roofing Supply in a research note on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Beacon Roofing Supply presently has a consensus rating of "Hold" and a consensus target price of $124.78.

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.