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

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BECN shares. William Blair restated a “market perform” rating on shares of Beacon Roofing Supply in a research report on Thursday, March 20th. Zelman & Associates cut shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Loop Capital reaffirmed a “hold” rating and set a $124.00 price target on shares of Beacon Roofing Supply in a report on Friday, March 21st. Robert W. Baird increased their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Finally, Benchmark restated a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $120.95.

Beacon Roofing Supply Price Performance

The stock has a market cap of $7.63 billion, a P/E ratio of 21.17 and a beta of 1.63. The company’s 50 day moving average price is $118.02 and its 200-day moving average price is $105.31. 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 posted its quarterly earnings data 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 company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. As a group, sell-side analysts expect that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current year.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of hedge funds have recently made changes to their positions in the stock. SBI Securities Co. Ltd. acquired a new stake in Beacon Roofing Supply during the 4th quarter valued at approximately $31,000. Quarry LP boosted its stake in shares of 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 purchasing an additional 197 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Beacon Roofing Supply during the third quarter worth $28,000. Johnson Financial Group Inc. bought a new position in Beacon Roofing Supply during the fourth quarter worth $54,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Beacon Roofing Supply by 38.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock valued at $60,000 after buying an additional 163 shares during the period. 98.45% of the stock is currently owned by 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.