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

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $123.90 and last traded at $123.85, with a volume of 256153 shares. The stock had previously closed at $123.84.

Wall Street Analysts Forecast Growth

BECN has been the subject of a number of research analyst reports. BMO Capital Markets cut their price target 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 note on Tuesday. They set a “sell” rating for the company. Loop Capital restated a “hold” rating and issued a $124.00 price target on shares of Beacon Roofing Supply in a research report on Friday, March 21st. Benchmark reiterated a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. Finally, Robert W. Baird lifted their target price on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $120.95.

Beacon Roofing Supply Stock Down 0.0 %

The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The firm has a market capitalization of $7.63 billion, a PE ratio of 21.17 and a beta of 1.63. The business’s 50-day moving average price is $118.50 and its 200-day moving average price is $105.87.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (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 company had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.43 billion. As a group, equities research analysts predict that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC raised its position in Beacon Roofing Supply by 17.6% during the third 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. Norges Bank acquired a new position in shares of Beacon Roofing Supply during the 4th quarter worth $94,573,000. Balyasny Asset Management L.P. bought a new position in shares of Beacon Roofing Supply during the 4th quarter valued at $68,588,000. Janus Henderson Group PLC lifted its stake in shares of Beacon Roofing Supply by 1,449.0% in the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after purchasing an additional 575,852 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its holdings in Beacon Roofing Supply by 16.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock worth $242,247,000 after purchasing an additional 329,047 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

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.