Beacon Roofing Supply (NASDAQ:BECN) Sees Large Volume Increase – Here’s What Happened

Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares saw an uptick in trading volume on Wednesday . 726,228 shares traded hands during mid-day trading, a decline of 19% from the previous session’s volume of 896,187 shares.The stock last traded at $123.85 and had previously closed at $123.80.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a research report on Tuesday. They set a “sell” rating for the company. Zelman & Associates downgraded shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Raymond James downgraded Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a report on Friday, March 21st. Loop Capital reaffirmed a “hold” rating and issued a $124.00 target price on shares of Beacon Roofing Supply in a report on Friday, March 21st. Finally, Benchmark reissued a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $120.95.

Beacon Roofing Supply Stock Up 0.0 %

The stock has a 50-day moving average price of $118.02 and a 200-day moving average price of $105.31. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The company has a market capitalization of $7.63 billion, a P/E ratio of 21.17 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.43 billion. On average, research analysts predict that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently bought and sold shares of BECN. Quarry LP raised its position in shares of Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in Beacon Roofing Supply during the third quarter worth approximately $28,000. SBI Securities Co. Ltd. bought a new stake in Beacon Roofing Supply in the fourth quarter worth approximately $31,000. Johnson Financial Group Inc. acquired a new position in Beacon Roofing Supply in the fourth quarter valued at approximately $54,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after buying an additional 163 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.