Beacon Roofing Supply (NASDAQ:BECN) Sees Strong Trading Volume – Should You Buy?

Shares of Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw unusually-strong trading volume on Wednesday . Approximately 726,228 shares changed hands 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 equities analysts have weighed in on the company. William Blair reissued a “market perform” rating on shares of Beacon Roofing Supply in a research report on Thursday, March 20th. Robert W. Baird increased their price target on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Zelman & Associates cut shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. Stifel Nicolaus lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and dropped their price objective for the company from $131.00 to $122.55 in a research report on Friday, February 7th. Finally, BMO Capital Markets reduced their target price 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. One investment 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.com, the stock currently has an average rating of “Hold” and a consensus price target of $120.95.

Beacon Roofing Supply Stock Performance

The stock’s 50-day simple moving average is $118.02 and its 200-day simple moving average is $105.31. The stock has a market cap of $7.63 billion, a price-to-earnings ratio of 21.17 and a beta of 1.63. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly 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). The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Beacon Roofing Supply in the fourth quarter valued at approximately $3,184,000. Polar Asset Management Partners Inc. bought a new position in shares of Beacon Roofing Supply in the 4th quarter valued at $4,510,000. Forum Financial Management LP acquired a new position in shares of Beacon Roofing Supply during the 4th quarter worth $224,000. Amiral Gestion acquired a new position in shares of Beacon Roofing Supply during the 4th quarter worth $1,478,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Beacon Roofing Supply during the 4th quarter worth $9,873,000. 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.