Fidelity Management & Research Co recently announced the acquisition of new stake in Beacon Roofing Supply Inc (NASDAQ:BECN). The institutional investor has increased its shareholding in the Industrials company by 0.34% to 5.88 million shares with purchase of 20017.0 shares. This fresh investment now brings its stake to 9.28% valued currently at $511.39 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.91 million to 5.53 million shares. And BlackRock Fund Advisors has lifted its position by 9.82% or 0.32 million shares – to 3.56 million shares.
With over 0.45 million Beacon Roofing Supply Inc (BECN) shares trading Friday and a closing price of $83.89 on the day, the dollar volume was approximately $38.13 million. The shares have shown a negative half year performance of -0.17% and its price on 01/12/24 lost nearly -0.36%. Currently, there are 64.20M common shares owned by the public and among those 57.64M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for BECN have a consensus price objective of $100.58. The analysts have set the share’s price value over the next 12 months at a high of $122.00 and a low of $85.00. The average price target is 16.59% above its recent price level and an upside to the estimated low will see the stock gain 1.31% over that period. But an upside of 31.24% will see the stock hit the forecast high price target while median target price for the stock is $98.00.
Insiders at the company have transacted a total of 86 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 45 of these insider trades were purchases, accounting for 516,524 shares. Insider sales of the common stock occurred on 41 occasions, with total insider shares sold totaling 5,134,985 shares.
The top 3 mutual fund holders in Beacon Roofing Supply Inc are Vanguard Total Stock Market ETF, iShares Russell 2000 ETF, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 1.68 million shares of the company’s stock, all valued at over $146.19 million. The company bought an additional 2129.0 shares recently to bring their total holdings to about 2.65% of the shares outstanding. iShares Russell 2000 ETF sold 4122.0 shares to see its total holdings shrink to 1.56 million shares valued at over $135.74 million and representing 2.46% of the shares outstanding. Vanguard Small Cap Index Fund bought 6364.0 shares to bring its total holdings to over 1.39 million shares at a value of $120.92 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.19% of the shares outstanding.
Shares of Beacon Roofing Supply Inc (NASDAQ: BECN) opened at $85.42, up $1.23 from a prior closing price of $84.19. However, the script later moved the day high at 85.42, down -0.36%. The company’s stock has a 5-day price change of -2.77% and 12.56% over the past three months. BECN shares are trading -3.60% year to date (YTD), with the 12-month market performance up to 54.64% higher. It has a 12-month low price of $52.52 and touched a high of $89.39 over the same period. BECN has an average intraday trading volume of 538.15K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.87%, 2.64%, and 11.53% respectively.
Institutional ownership of Beacon Roofing Supply Inc (NASDAQ: BECN) shares accounts for 83.98% of the company’s 64.20M shares outstanding. Mutual fund holders own 32.99%, while other institutional holders and individual stakeholders account for 51.02% and 18.43% respectively.
It has a market capitalization of $5.31B and a beta (3y monthly) value of 1.63. The earnings-per-share (ttm) stands at -$1.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.75% over the week and 2.40% over the month.
Analysts forecast that Beacon Roofing Supply Inc (BECN) will achieve an EPS of $1.64 for the current quarter, $0.69 for the next quarter and $7.88 for 2024. The lowest estimate earnings-per-share for the quarter is $1.34 while analysts give the company a high EPS estimate of $1.79. Comparatively, EPS for the current quarter was $1.4 a year ago. Earnings per share for the fiscal year are expected to increase by 3.98%, and 7.38% over the next financial year. EPS should shrink at an annualized rate of 9.17% over the next five years, compared to 27.61% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Beacon Roofing Supply Inc (BECN) as a “Strong Buy” at a consensus score of 1.93. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 6 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
