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

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) reached a new 52-week high during trading on Tuesday . The stock 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 Ratings Changes

Several research firms have weighed in on BECN. Zelman & Associates lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. StockNews.com initiated coverage on Beacon Roofing Supply in a report on Monday. They set a “sell” rating for the company. Benchmark restated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. BMO Capital Markets cut their price target on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. boosted their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Beacon Roofing Supply currently has an average rating of “Hold” and a consensus target price of $119.95.

Beacon Roofing Supply Price Performance

The firm has a market cap of $7.50 billion, a P/E ratio of 20.81 and a beta of 1.63. The stock’s 50-day moving average is $115.41 and its 200-day moving average is $103.53. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60.

Beacon Roofing Supply (NASDAQ:BECN) last released its 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 the consensus estimate of $2.43 billion. As a group, equities analysts anticipate that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. FMR LLC increased its stake in Beacon Roofing Supply by 17.6% in 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 during the period. Norges Bank bought a new stake in shares of Beacon Roofing Supply during the fourth quarter valued at approximately $94,573,000. Balyasny Asset Management L.P. bought a new position in Beacon Roofing Supply in the 4th quarter worth approximately $68,588,000. Janus Henderson Group PLC lifted its holdings 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 buying an additional 575,852 shares in the last quarter. Finally, Citigroup Inc. boosted its position in Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after buying an additional 473,937 shares during the last quarter. 98.45% of the stock is currently 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.