Geode Capital Management LLC Has $146.72 Million Stock Holdings in Beacon Roofing Supply, Inc. (NASDAQ:BECN)

Geode Capital Management LLC lessened its holdings in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,444,016 shares of the company’s stock after selling 24,027 shares during the quarter. Geode Capital Management LLC’s holdings in Beacon Roofing Supply were worth $146,716,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BECN. HighTower Advisors LLC lifted its holdings in Beacon Roofing Supply by 7.3% during the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock valued at $234,000 after purchasing an additional 181 shares during the last quarter. Quarry LP raised its position in shares of Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after purchasing an additional 197 shares during the period. State Street Corp lifted its stake in shares of Beacon Roofing Supply by 1.1% during the 3rd quarter. State Street Corp now owns 1,471,500 shares of the company’s stock worth $127,182,000 after buying an additional 15,505 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter worth about $266,000. Finally, MML Investors Services LLC acquired a new position in Beacon Roofing Supply in the 3rd quarter valued at about $268,000. 98.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BECN. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. William Blair reaffirmed a “market perform” rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Raymond James downgraded Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a report on Friday, March 21st. Robert W. Baird upped their price target on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Finally, 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Hold” and a consensus price target of $122.10.

Insider Activity

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 transaction of $2,051,307.95. Following the sale, the executive vice president now directly owns 463 shares of the company’s stock, valued at approximately $57,231.43. The trade was a 97.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Clement Munroe Best III sold 29,724 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $123.05, for a total transaction of $3,657,538.20. Following the transaction, the insider now owns 87,943 shares of the company’s stock, valued at approximately $10,821,386.15. This represents a 25.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Beacon Roofing Supply Price Performance

BECN stock opened at $122.10 on Tuesday. The company’s 50-day moving average price is $119.22 and its two-hundred day moving average price is $107.86. Beacon Roofing Supply, Inc. has a 12 month low of $77.54 and a 12 month high of $123.90. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The firm has a market cap of $7.54 billion, a P/E ratio of 20.87 and a beta of 1.31.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. On average, analysts anticipate that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

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.