Brandywine Global Investment Management LLC Purchases New Position in Beacon Roofing Supply, Inc.
Date: September 4, 2023
Brandywine Global Investment Management LLC has recently acquired a new position in Beacon Roofing Supply, Inc. (NASDAQ:BECN), according to the company’s first-quarter filing with the Securities and Exchange Commission (SEC). The investment firm purchased 173,190 shares of the company’s stock, valued at approximately $10,192,000. As of its most recent filing with the SEC, this stake accounted for 0.27% ownership of Beacon Roofing Supply.
On Monday, September 4th, shares of BECN on the NASDAQ stock exchange experienced a slight increase of $0.92 to reach $80.77. The trading volume for that day was reported at 438,300 shares compared to an average volume of 481,721 shares. Over the past year, Beacon Roofing Supply has seen a trading range between $50.42 and $87.46.
Beacon Roofing Supply operates within the construction industry and specializes in the distribution of residential and commercial roofing materials, as well as other related products across North America. Its key product offerings include roofing shingles, metal roofing systems, solar panels, siding materials, and waterproofing solutions.
With a market capitalization of $5.10 billion and a PE ratio of 15.99, Beacon Roofing Supply holds its position as a significant player in its industry sector. Additionally, the company boasts a favorable PEG ratio of 1.78 which indicates potential growth opportunities for investors interested in long-term positions.
The recent purchase by Brandywine Global Investment Management LLC further reflects their confidence in the financial prospects and future growth potential of Beacon Roofing Supply.
Analyzing key financial metrics can provide insights into Beacon Roofing Supply’s current standing within the industry landscape:
– The firm’s 50-day simple moving average stands at $82.26, indicating a relatively stable performance in the recent past.
– The 200-day simple moving average reports a value of $70.05, suggesting a positive long-term trend for the company’s stock price.
– Beacon Roofing Supply maintains a solid current ratio of 1.69 and a quick ratio of 1.00, providing an indication of its ability to meet short-term obligations promptly.
– With a debt-to-equity ratio of 0.86, the company demonstrates responsible financial management and reduced exposure to financial risks.
Investors and analysts interested in Beacon Roofing Supply should continue to monitor these metrics to gain perspective on the company’s financial health and prospects for growth.
In conclusion, Brandywine Global Investment Management LLC has recently acquired a new position in Beacon Roofing Supply, Inc., further solidifying its faith in the company’s potential. With promising market indicators and strong financial fundamentals, Beacon Roofing Supply continues to strive toward becoming a key player within North America’s roofing and construction industry sector.
Beacon Roofing Supply, Inc.
BECN
Strong Buy
Updated on: 05/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Beacon Roofing Supply Sees Increase in Stock Holdings and Positive Analyst Outlook
Beacon Roofing Supply, a leading distributor of residential and commercial roofing materials, has recently seen some significant changes in its stock holdings. In the first quarter, UBS Group AG increased its holdings in the company by 93.5%, now owning 29,489 shares worth approximately $1,735,000. WINTON GROUP Ltd also acquired a new stake in Beacon Roofing Supply during the same period, investing around $469,000. In addition, Sei Investments Co. lifted its stake by 8.1%, now owning 504,013 shares valued at $29,661,000.
Another institutional investor that entered the scene is Dark Forest Capital Management LP with a new stake in Beacon Roofing Supply worth approximately $271,000. Charles Schwab Investment Management Inc. also increased its stake by 1.8% during the first quarter and now owns 637,074 shares valued at $37,492,000.
This influx of investors reflects a growing interest in Beacon Roofing Supply as it continues to thrive in the market. However, it is worth noting that Director Stuart A. Randle sold 10,299 shares of the company’s stock on June 8th for an average price of $72.43 per share totaling $745,956.57.
In related news, EVP Christopher Carl Nelson sold 8,611 shares on June 12th for an average price of $72.95 per share amounting to $628,172.45.
These transactions were disclosed through filings with the Securities & Exchange Commission (SEC), providing transparency to shareholders and potential investors.
Beacon Roofing Supply recently released impressive quarterly earnings results on August 3rd with earnings per share (EPS) of $2.66 beating analysts’ consensus estimates by $0.39 per share. The company reported a return on equity of 25.15% and a net margin of 4.69%. Despite meeting the expected revenue of $2.50 billion, these results have boosted analysts’ expectations for Beacon Roofing Supply.
Various research analyst reports have analyzed Beacon Roofing Supply’s performance and its potential in the market. Loop Capital and BMO Capital Markets both raised their price targets on the stock, with Loop Capital increasing it to $84.00 and BMO Capital Markets to $90.00. Raymond James also raised their price target from $75.00 to $95.00 and gave the stock an “outperform” rating.
Robert W. Baird lifted their target price to $95.00 as well, while Deutsche Bank Aktiengesellschaft increased theirs even further to $108.00, giving Beacon Roofing Supply a “buy” rating.
However, it is essential to note that one research analyst has rated the stock as a sell, while six have assigned a hold rating and three consider it a buy.
Based on data from Bloomberg.com, Beacon Roofing Supply currently holds a consensus rating of “Hold” with an average target price of $86.80.
These developments indicate optimism surrounding Beacon Roofing Supply’s performance and future prospects in the roofing materials distribution industry.
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