Ascend Capital adds Beacon Roofing Supply (BECN) to its portfolio

Beacon Roofing Supply (BECN) : Ascend Capital added new position in Beacon Roofing Supply during the most recent quarter end. The investment management firm now holds 672,470 shares of Beacon Roofing Supply which is valued at $30,785,677 , the company said in a statement filed on Aug 12, 2016 with the SEC.Beacon Roofing Supply makes up approximately 2.04% of Ascend Capital’s portfolio.

Other Hedge Funds, Including , Brant Point Investment Management boosted its stake in BECN in the latest quarter, The investment management firm added 241,500 additional shares and now holds a total of 368,750 shares of Beacon Roofing Supply which is valued at $16,881,375. Beacon Roofing Supply makes up approx 3.03% of Brant Point Investment Management’s portfolio.Cipher Capital Lp boosted its stake in BECN in the latest quarter, The investment management firm added 30,163 additional shares and now holds a total of 47,069 shares of Beacon Roofing Supply which is valued at $2,154,819. Beacon Roofing Supply makes up approx 0.14% of Cipher Capital Lp’s portfolio. Nine Chapters Capital Management sold out all of its stake in BECN during the most recent quarter. The investment firm sold 9,600 shares of BECN which is valued $441,024.Northpointe Capital reduced its stake in BECN by selling 949 shares or 8.37% in the most recent quarter. The Hedge Fund company now holds 10,394 shares of BECN which is valued at $493,403. Beacon Roofing Supply makes up approx 0.06% of Northpointe Capital’s portfolio. Vigilant Capital Management added BECN to its portfolio by purchasing 116 company shares during the most recent quarter which is valued at $5,582.

Beacon Roofing Supply opened for trading at $46.37 and hit $46.75 on the upside on Monday, eventually ending the session at $46.47, with a gain of 0.24% or 0.11 points. The heightened volatility saw the trading volume jump to 1,84,200 shares. Company has a market cap of $2,777 M.

On the company’s financial health, Beacon Roofing Supply reported $0.77 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.76. The company had revenue of $1152.70 million for the quarter, compared to analysts expectations of $1152.64 million. The company’s revenue was up 60.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.56 EPS.

Many Wall Street Analysts have commented on Beacon Roofing Supply. Jefferies Initiated Beacon Roofing Supply on Jul 6, 2016 to “Hold”, Price Target of the shares are set at $46.BB&T Capital Mkts Upgraded Beacon Roofing Supply on Jun 10, 2016 to ” Buy”, Price Target of the shares are set at $51.

Beacon Roofing Supply Inc. is engaged in distributing residential and non-residential roofing materials in the United States and Canada. The Company also distributes other complementary building materials including siding windows specialty lumber products and waterproofing systems for residential and nonresidential building exteriors. As of September 30 2013 the Company operated 236 branches in 39 states and six Canadian provinces carrying up to 11000 stock keeping units (SKUs). It is a distributor of roofing materials in metropolitan markets in the Northeast Mid-Atlantic Midwest Central Plains West South and Southwest regions of the United States and across Canada. The Company’s customer base consists of more than 47000 contractors home builders building owners and other resellers primarily in the Northeast Mid-Atlantic Midwest Central Plains West South and Southwest regions of the United States and across Canada.

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