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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares saw an uptick in trading volume on Wednesday . 726,228 shares were traded during 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.

Analyst Ratings Changes

A number of research firms recently issued reports on BECN. William Blair reiterated a “market perform” rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. BMO Capital Markets lowered their price objective on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating on the stock in a report on Tuesday, March 4th. Robert W. Baird boosted their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Baird R W downgraded shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Finally, Loop Capital reissued a “hold” rating and set a $124.00 price target on shares of Beacon Roofing Supply in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $120.95.

Beacon Roofing Supply Trading Up 0.0 %

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 business has a 50-day simple moving average of $118.34 and a two-hundred day simple moving average of $105.57. The stock has a market cap of $7.63 billion, a price-to-earnings ratio of 21.17 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last released 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). The company 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%. Equities analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Institutional Trading of Beacon Roofing Supply

Hedge funds have recently added to or reduced their stakes in the company. Quarry LP grew its holdings in Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after buying an additional 197 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new stake in shares of Beacon Roofing Supply in the third quarter valued at about $28,000. SBI Securities Co. Ltd. acquired a new position in shares of Beacon Roofing Supply in the fourth quarter valued at about $31,000. Johnson Financial Group Inc. bought a new position in Beacon Roofing Supply during the fourth quarter worth about $54,000. Finally, PNC Financial Services Group Inc. increased its position in Beacon Roofing Supply by 38.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after acquiring an additional 163 shares during the period. 98.45% of the stock is owned by institutional investors and hedge funds.

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.