Wells Fargo & Company MN Boosts Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Wells Fargo & Company MN grew its stake in Beacon Roofing Supply, Inc. (NASDAQ:BECN - Free Report) by 18.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,735 shares of the company's stock after purchasing an additional 11,915 shares during the period. Wells Fargo & Company MN owned approximately 0.13% of Beacon Roofing Supply worth $7,896,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. HighTower Advisors LLC lifted its position in shares of Beacon Roofing Supply by 7.3% during the third quarter. HighTower Advisors LLC now owns 2,665 shares of the company's stock worth $234,000 after purchasing an additional 181 shares during the last quarter. XTX Topco Ltd purchased a new stake in Beacon Roofing Supply during the 3rd quarter worth approximately $266,000. MML Investors Services LLC acquired a new stake in Beacon Roofing Supply during the 3rd quarter valued at approximately $268,000. Barclays PLC grew its position in 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 during the period. Finally, Tidal Investments LLC raised its position in Beacon Roofing Supply by 11.8% during the third quarter. Tidal Investments LLC now owns 5,022 shares of the company's stock valued at $434,000 after acquiring an additional 530 shares in the last quarter. Institutional investors own 98.45% of the company's stock.

Beacon Roofing Supply Stock Performance

Shares of Beacon Roofing Supply stock traded up $0.08 during trading hours on Wednesday, hitting $124.02. 1,082,966 shares of the company were exchanged, compared to its average volume of 1,138,776. The business has a 50-day moving average of $120.20 and a 200-day moving average of $110.80. Beacon Roofing Supply, Inc. has a 1 year low of $77.54 and a 1 year high of $124.11. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of 21.20 and a beta of 1.31.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported $1.65 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 firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. As a group, analysts expect that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BECN. Raymond James downgraded shares of Beacon Roofing Supply from a "moderate buy" rating to a "hold" rating in a report on Friday, March 21st. Zelman & Associates cut Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 16th. Loop Capital reiterated a "hold" rating and issued a $124.00 target price on shares of Beacon Roofing Supply in a research report on Friday, March 21st. Royal Bank of Canada cut Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and increased their price target for the company from $124.00 to $124.35 in a report on Wednesday, April 2nd. Finally, William Blair reiterated a "market perform" rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $121.47.

Insider Buying and Selling

In related news, insider Jonathan Stuart Bennett sold 8,487 shares of the company's 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 sale, the insider now owns 22,642 shares in the company, valued at $2,765,493.88. This represents a 27.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Christopher Carl Nelson sold 16,595 shares of Beacon Roofing Supply stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $123.61, for a total value of $2,051,307.95. Following the transaction, the executive vice president now directly owns 463 shares of the company's stock, valued at approximately $57,231.43. This represents a 97.29 % 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 over the last quarter. Company 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.