Cortina Asset Management buys $30,206,743 stake in Beacon Roofing Supply (BECN)

Beacon Roofing Supply (BECN) : Cortina Asset Management scooped up 377,971 additional shares in Beacon Roofing Supply during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 11, 2016. The investment management firm now holds a total of 659,824 shares of Beacon Roofing Supply which is valued at $30,206,743.Beacon Roofing Supply makes up approximately 1.29% of Cortina Asset Management’s portfolio.

Other Hedge Funds, Including , Oppenheimerfunds boosted its stake in BECN in the latest quarter, The investment management firm added 187,890 additional shares and now holds a total of 672,723 shares of Beacon Roofing Supply which is valued at $30,797,259. Beacon Roofing Supply makes up approx 0.04% of Oppenheimerfunds’s portfolio.State Board Of Administration Of Florida Retirement System reduced its stake in BECN by selling 5,541 shares or 12.32% in the most recent quarter. The Hedge Fund company now holds 39,425 shares of BECN which is valued at $1,795,809. Beacon Roofing Supply makes up approx 0.01% of State Board Of Administration Of Florida Retirement System’s portfolio.California State Teachers Retirement System boosted its stake in BECN in the latest quarter, The investment management firm added 20,223 additional shares and now holds a total of 125,623 shares of Beacon Roofing Supply which is valued at $5,838,957. Beacon Roofing Supply makes up approx 0.01% of California State Teachers Retirement System’s portfolio.Strs Ohio boosted its stake in BECN in the latest quarter, The investment management firm added 4,000 additional shares and now holds a total of 7,600 shares of Beacon Roofing Supply which is valued at $360,772.

Beacon Roofing Supply opened for trading at $46.88 and hit $47.51 on the upside on Tuesday, eventually ending the session at $47.17, with a gain of 0.96% or 0.45 points. The heightened volatility saw the trading volume jump to 2,43,168 shares. Company has a market cap of $2,819 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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