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

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s stock price reached a new 52-week high during mid-day 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.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. StockNews.com began coverage on Beacon Roofing Supply in a research note on Monday. They set a “sell” rating for the company. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Benchmark reaffirmed a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. BMO Capital Markets decreased their target price 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, Robert W. Baird raised their target price 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $119.95.

Beacon Roofing Supply Trading Up 1.9 %

The firm has a market capitalization 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. The company has a fifty day moving average price of $116.16 and a 200-day moving average price of $103.97.

Beacon Roofing Supply (NASDAQ:BECN) last posted 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 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 analyst estimates of $2.43 billion. On average, equities research analysts predict that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current year.

Institutional Trading of Beacon Roofing Supply

A number of institutional investors and hedge funds have recently modified their holdings of BECN. Equitable Trust Co. boosted its stake in Beacon Roofing Supply by 1.7% in the 4th quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock valued at $734,000 after buying an additional 122 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in Beacon Roofing Supply by 26.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock valued at $73,000 after purchasing an additional 150 shares during the last quarter. PNC Financial Services Group Inc. increased 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 purchasing an additional 163 shares during the last quarter. Cornerstone Investment Partners LLC increased its holdings in Beacon Roofing Supply by 3.6% in the fourth quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock valued at $480,000 after purchasing an additional 166 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of Beacon Roofing Supply by 7.3% in the third quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock worth $234,000 after acquiring an additional 181 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors.

Beacon Roofing Supply Company Profile

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.