Beacon Roofing Supply (NASDAQ:BECN) Sees Strong Trading Volume – Time to Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares saw unusually-high trading volume on Thursday . Approximately 6,999,266 shares changed hands during mid-day trading, an increase of 800% from the previous session’s volume of 777,486 shares.The stock last traded at $123.82 and had previously closed at $121.53.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BECN. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a research note on Monday. They set a “sell” rating for the company. Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and reduced their price objective for the company from $131.00 to $122.55 in a research note on Friday, February 7th. Benchmark restated a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. Finally, Robert W. Baird raised their price target on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $119.95.

Beacon Roofing Supply Price Performance

The stock has a market cap of $7.62 billion, a price-to-earnings ratio of 21.16 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. The business’s fifty day simple moving average is $116.16 and its 200 day simple moving average is $103.97.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing the consensus estimate of $1.66 by ($0.01). The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Research analysts predict that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. SBI Securities Co. Ltd. acquired a new position in Beacon Roofing Supply in the fourth quarter valued at approximately $31,000. Quarry LP grew its position in Beacon Roofing Supply by 180.7% in 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 in the third quarter valued at approximately $28,000. Johnson Financial Group Inc. acquired a new position in shares of Beacon Roofing Supply in the 4th quarter valued at $54,000. Finally, PNC Financial Services Group Inc. raised its holdings in Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $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.