ClariVest Asset Management LLC Decreases Stake in Beacon Roofing Supply, Inc. (BECN)

ClariVest Asset Management LLC reduced its stake in shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) by 68.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,095 shares of the company’s stock after selling 66,100 shares during the period. ClariVest Asset Management LLC’s holdings in Beacon Roofing Supply were worth $1,528,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new stake in Beacon Roofing Supply during the fourth quarter valued at $2,489,000. Aberdeen Asset Management PLC UK boosted its stake in Beacon Roofing Supply by 71.0% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 1,691,125 shares of the company’s stock valued at $77,910,000 after buying an additional 702,319 shares during the last quarter. State Street Corp boosted its stake in Beacon Roofing Supply by 0.9% in the fourth quarter. State Street Corp now owns 1,089,562 shares of the company’s stock valued at $50,196,000 after buying an additional 9,983 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in Beacon Roofing Supply by 2,200.0% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,300 shares of the company’s stock valued at $114,000 after buying an additional 2,200 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Beacon Roofing Supply by 74.6% in the fourth quarter. Renaissance Technologies LLC now owns 170,357 shares of the company’s stock valued at $7,848,000 after buying an additional 72,800 shares during the last quarter.

Institutional Ownership by Quarter for Beacon Roofing Supply (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (BECN) traded down 0.68% during midday trading on Tuesday, reaching $48.49. The company had a trading volume of 179,455 shares. Beacon Roofing Supply, Inc. has a 12 month low of $39.50 and a 12 month high of $52.12. The firm’s 50-day moving average price is $49.25 and its 200 day moving average price is $47.27. The firm has a market capitalization of $2.92 billion, a PE ratio of 29.59 and a beta of 1.31.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, May 4th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.02. The business had revenue of $870.70 million for the quarter, compared to analyst estimates of $814.74 million. Beacon Roofing Supply had a return on equity of 9.99% and a net margin of 2.49%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 earnings per share. Equities analysts anticipate that Beacon Roofing Supply, Inc. will post $2.37 earnings per share for the current fiscal year.

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BECN has been the subject of several recent analyst reports. Citigroup Inc restated a “buy” rating and set a $52.00 target price (up previously from $48.00) on shares of Beacon Roofing Supply in a research note on Thursday, May 11th. Zacks Investment Research upgraded Beacon Roofing Supply from a “sell” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Thursday, April 13th. Jefferies Group LLC restated a “hold” rating and set a $46.00 target price on shares of Beacon Roofing Supply in a research note on Friday, March 17th. William Blair restated a “neutral” rating and set a $45.00 target price on shares of Beacon Roofing Supply in a research note on Friday, April 14th. Finally, Wedbush restated a “neutral” rating and set a $47.00 target price on shares of Beacon Roofing Supply in a research note on Wednesday, May 31st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $51.56.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.

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