Ascend Capital Lowers stake in Beacon Roofing Supply (BECN)

Beacon Roofing Supply (BECN) : Ascend Capital reduced its stake in Beacon Roofing Supply by 1.57% during the most recent quarter end. The investment management company now holds a total of 661,932 shares of Beacon Roofing Supply which is valued at $29,720,747 after selling 10,538 shares in Beacon Roofing Supply , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Beacon Roofing Supply makes up approximately 1.92% of Ascend Capital’s portfolio.

Other Hedge Funds, Including , Daruma Capital Management reduced its stake in BECN by selling 280,374 shares or 20.27% in the most recent quarter. The Hedge Fund company now holds 1,103,026 shares of BECN which is valued at $49,525,867. Beacon Roofing Supply makes up approx 2.88% of Daruma Capital Management’s portfolio.Spitfire Capital reduced its stake in BECN by selling 2,500 shares or 1.43% in the most recent quarter. The Hedge Fund company now holds 172,495 shares of BECN which is valued at $7,807,124. Beacon Roofing Supply makes up approx 3.38% of Spitfire Capital’s portfolio.Lord Abbett boosted its stake in BECN in the latest quarter, The investment management firm added 476,954 additional shares and now holds a total of 2,021,599 shares of Beacon Roofing Supply which is valued at $91,497,571. Beacon Roofing Supply makes up approx 0.29% of Lord Abbett’s portfolio. Thompson Davis added BECN to its portfolio by purchasing 172 company shares during the most recent quarter which is valued at $7,362. Beacon Roofing Supply makes up approx 0.01% of Thompson Davis’s portfolio.Blackrock Institutional Trust Company N.a. boosted its stake in BECN in the latest quarter, The investment management firm added 53,089 additional shares and now holds a total of 1,590,258 shares of Beacon Roofing Supply which is valued at $68,063,042. Beacon Roofing Supply makes up approx 0.01% of Blackrock Institutional Trust Company N.a.’s portfolio.

Beacon Roofing Supply opened for trading at $47.38 and hit $47.59 on the upside on Monday, eventually ending the session at $47.4, with a gain of 0.21% or 0.1 points. The heightened volatility saw the trading volume jump to 4,02,126 shares. Company has a market cap of $2,833 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.

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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