Beacon Roofing Supply (NASDAQ:BECN) Hits New 12-Month High – What’s Next?

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s stock 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 traded. The stock had previously closed at $119.90.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Zelman & Associates downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Robert W. Baird increased their price objective on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $131.00 to $122.55 in a report on Friday, February 7th. William Blair reiterated a “market perform” rating on shares of Beacon Roofing Supply in a report on Thursday. Finally, Benchmark reissued a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Hold” and a consensus price target of $119.95.

Beacon Roofing Supply Stock Performance

The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of 21.17 and a beta of 1.63. The stock has a 50-day moving average price of $116.16 and a 200-day moving average price of $103.97. 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 announced its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. As a group, analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current year.

Hedge Funds Weigh In On Beacon Roofing Supply

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Beacon Roofing Supply by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 6,509,495 shares of the company’s stock worth $661,235,000 after acquiring an additional 24,027 shares during the period. FMR LLC boosted its holdings in shares of Beacon Roofing Supply by 17.6% during the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after acquiring an additional 963,633 shares in the last quarter. Boston Partners raised its position in shares of Beacon Roofing Supply by 1.3% during the fourth quarter. Boston Partners now owns 4,531,106 shares of the company’s stock worth $462,417,000 after acquiring an additional 59,630 shares during the last quarter. Frontier Capital Management Co. LLC raised its position in shares of Beacon Roofing Supply by 16.0% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock worth $242,247,000 after acquiring an additional 329,047 shares during the last quarter. Finally, State Street Corp boosted its position in Beacon Roofing Supply by 1.1% during the third quarter. State Street Corp now owns 1,471,500 shares of the company’s stock valued at $127,182,000 after acquiring an additional 15,505 shares during the last quarter. Institutional investors 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.