Beacon Roofing Supply (NASDAQ:BECN) Sees Unusually-High Trading Volume – Here’s What Happened

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw strong trading volume on Tuesday . 920,582 shares were traded during trading, a decline of 5% from the previous session’s volume of 972,920 shares.The stock last traded at $123.74 and had previously closed at $123.70.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BECN shares. Loop Capital reiterated a “hold” rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a report on Friday, March 21st. Raymond James lowered shares of Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a research report on Friday, March 21st. Robert W. Baird boosted their target price on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Stifel Nicolaus downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. Finally, Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply has a consensus rating of “Hold” and a consensus price target of $120.95.

Beacon Roofing Supply Price Performance

The stock’s 50 day moving average is $118.65 and its two-hundred day moving average is $106.53. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The stock has a market capitalization of $7.62 billion, a PE ratio of 21.15 and a beta of 1.63.

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 firm had revenue of $2.40 billion during 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%. On average, equities analysts anticipate that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of institutional investors and hedge funds have recently bought and sold shares of BECN. Quarry LP boosted its holdings in shares of 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. SBI Securities Co. Ltd. acquired a new position in Beacon Roofing Supply during the fourth quarter worth $31,000. Johnson Financial Group Inc. purchased a new stake in Beacon Roofing Supply in the 4th quarter valued at $54,000. PNC Financial Services Group Inc. increased its stake in shares of Beacon Roofing Supply by 38.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after acquiring an additional 163 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its position in shares of Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock valued at $73,000 after acquiring an additional 150 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.