Beacon Roofing Supply (NASDAQ:BECN) Hits New 1-Year High – Here’s What Happened

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $122.22 and last traded at $121.54, with a volume of 947327 shares trading hands. The stock had previously closed at $119.90.

Wall Street Analysts Forecast Growth

BECN has been the subject of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. BMO Capital Markets lowered their target price on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a research report on Monday. They set a “sell” rating for the company. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. Finally, Robert W. Baird upped their price objective on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Beacon Roofing Supply currently has a consensus rating of “Hold” and a consensus price target of $119.95.

Beacon Roofing Supply Price Performance

The company has a 50-day moving average of $115.41 and a 200-day moving average of $103.53. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The firm has a market capitalization of $7.50 billion, a price-to-earnings ratio of 20.81 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 for the quarter, missing the consensus estimate of $1.66 by ($0.01). Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. As a group, research analysts anticipate that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Institutional Trading of Beacon Roofing Supply

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC boosted its position in shares of Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after buying an additional 963,633 shares during the period. Norges Bank acquired a new stake in Beacon Roofing Supply in the 4th quarter valued at approximately $94,573,000. Balyasny Asset Management L.P. bought a new stake in Beacon Roofing Supply in the 4th quarter valued at approximately $68,588,000. Janus Henderson Group PLC boosted its position in Beacon Roofing Supply by 1,449.0% during the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after acquiring an additional 575,852 shares during the last quarter. Finally, Citigroup Inc. grew its stake in shares of Beacon Roofing Supply by 1,192.1% during the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after acquiring an additional 473,937 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.