TIG Advisors LLC Invests $3.57 Million in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

TIG Advisors LLC purchased a new position in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 35,150 shares of the company's stock, valued at approximately $3,571,000. TIG Advisors LLC owned approximately 0.06% of Beacon Roofing Supply at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in shares of Beacon Roofing Supply in the fourth quarter valued at about $94,573,000. Marshall Wace LLP raised its holdings in Beacon Roofing Supply by 10,326.8% in the 4th quarter. Marshall Wace LLP now owns 289,866 shares of the company's stock valued at $29,445,000 after acquiring an additional 287,086 shares during the period. Raymond James Financial Inc. acquired a new stake in Beacon Roofing Supply during the fourth quarter worth approximately $24,162,000. Blue Grotto Capital LLC bought a new stake in shares of Beacon Roofing Supply during the fourth quarter worth approximately $23,726,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Beacon Roofing Supply in the fourth quarter valued at approximately $11,185,000. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Zelman & Associates downgraded Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 16th. StockNews.com assumed coverage on shares of Beacon Roofing Supply in a research report on Sunday. They issued a "sell" rating for the company. Loop Capital reaffirmed a "hold" rating and set a $124.00 price target on shares of Beacon Roofing Supply in a research report on Friday, March 21st. William Blair reissued a "market perform" rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Finally, Benchmark reaffirmed a "buy" rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $124.78.

Beacon Roofing Supply Price Performance

Shares of Beacon Roofing Supply stock remained flat at $124.17 during trading on Friday. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply, Inc. has a twelve month low of $77.54 and a twelve month high of $124.31. The company has a market cap of $7.67 billion, a price-to-earnings ratio of 21.23 and a beta of 1.31. The company has a 50-day simple moving average of $121.27 and a two-hundred day simple moving average of $112.58.

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 (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. As a group, analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 29,724 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $123.05, for a total value of $3,657,538.20. Following the completion of the sale, the insider now directly owns 87,943 shares in the company, valued at approximately $10,821,386.15. The trade was a 25.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 value of $1,036,602.18. Following the transaction, the insider now owns 22,642 shares in the company, valued at $2,765,493.88. The trade was a 27.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,806 shares of company stock valued at $6,745,448 in the last ninety days. 1.30% of the stock is currently owned by insiders.

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.