Beacon Roofing Supply (NASDAQ:BECN) Sees Large Volume Increase – Time to Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares saw unusually-high 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 Upgrades and Downgrades

Several research firms have commented on BECN. Zelman & Associates lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. William Blair reissued a “market perform” rating on shares of Beacon Roofing Supply in a research note on Thursday, March 20th. Raymond James cut Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research note on Friday, March 21st. Stifel Nicolaus lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their price target for the company from $131.00 to $122.55 in a research note on Friday, February 7th. Finally, Benchmark reissued a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $120.95.

Beacon Roofing Supply Trading Up 0.0 %

The business has a fifty day simple moving average of $118.34 and a 200-day simple moving average of $105.57. The firm 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 debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $2.43 billion. As a group, equities analysts forecast that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

Institutional Trading of Beacon Roofing Supply

Several institutional investors have recently added to or reduced their stakes in the stock. Quarry LP raised its holdings in Beacon Roofing Supply by 180.7% during the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $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. SBI Securities Co. Ltd. bought a new position in Beacon Roofing Supply during the fourth quarter worth $31,000. Johnson Financial Group Inc. acquired a new position in Beacon Roofing Supply in the fourth quarter valued at $54,000. Finally, PNC Financial Services Group Inc. boosted 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 valued at $60,000 after acquiring an additional 163 shares during the last quarter. 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.