Beacon Roofing Supply (NASDAQ:BECN) Shares Gap Up – Should You Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $111.10, but opened at $120.60. Beacon Roofing Supply shares last traded at $119.43, with a volume of 1,304,731 shares traded.

Wall Street Analyst Weigh In

BECN has been the subject of several research reports. Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. Stifel Nicolaus cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. JPMorgan Chase & Co. increased their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a report on Tuesday, November 19th. Stephens reissued an “equal weight” rating and issued a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Finally, Robert W. Baird lifted their price target on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $119.95.

Beacon Roofing Supply Price Performance

The business has a fifty day moving average price of $113.67 and a 200 day moving average price of $102.39. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 20.41 and a beta of 1.63. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $2.43 billion. On average, research analysts expect that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

Several hedge funds have recently bought and sold shares of the business. Intech Investment Management LLC acquired a new stake in shares of Beacon Roofing Supply in the third quarter worth $1,441,000. Barclays PLC lifted its position in shares of Beacon Roofing Supply by 272.0% during the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock worth $10,547,000 after purchasing an additional 89,222 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Beacon Roofing Supply by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 1,014,087 shares of the company’s stock worth $103,011,000 after purchasing an additional 20,372 shares during the last quarter. Choreo LLC boosted its stake in Beacon Roofing Supply by 30.6% during the 4th quarter. Choreo LLC now owns 10,183 shares of the company’s stock valued at $1,014,000 after purchasing an additional 2,383 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Beacon Roofing Supply by 16.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock worth $30,849,000 after buying an additional 49,902 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

Beacon Roofing Supply Company Profile

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.