Beacon Roofing Supply (NASDAQ:BECN) Shares Gap Up – Still a Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN) gapped up prior to trading on Monday . The stock had previously closed at $111.10, but opened at $120.60. Beacon Roofing Supply shares last traded at $119.43, with a volume of 1,304,731 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. StockNews.com assumed coverage on Beacon Roofing Supply in a research report on Sunday. They issued a “sell” rating on the stock. Zelman & Associates cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. Stephens reiterated an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Benchmark reiterated a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a report on Monday, March 3rd. Finally, Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and decreased their price objective for the company from $131.00 to $122.55 in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Hold” and an average price target of $119.95.

Beacon Roofing Supply Trading Up 0.5 %

The firm’s 50-day simple moving average is $114.05 and its 200-day simple moving average is $102.72. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The firm has a market capitalization of $7.34 billion, a PE ratio of 20.37 and a beta of 1.63.

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

Institutional Investors Weigh In On Beacon Roofing Supply

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Beacon Roofing Supply by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 6,509,495 shares of the company’s stock worth $661,235,000 after acquiring an additional 24,027 shares during the period. FMR LLC grew its stake in shares of Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after buying an additional 963,633 shares in the last quarter. Boston Partners grew its stake in shares of Beacon Roofing Supply by 1.3% in the 4th quarter. Boston Partners now owns 4,531,106 shares of the company’s stock worth $462,417,000 after buying an additional 59,630 shares in the last quarter. Frontier Capital Management Co. LLC boosted its stake in shares of Beacon Roofing Supply by 16.0% during the 4th quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company’s stock worth $242,247,000 after purchasing an additional 329,047 shares during the period. Finally, State Street Corp boosted its stake in shares of Beacon Roofing Supply by 1.1% during the 3rd quarter. State Street Corp now owns 1,471,500 shares of the company’s stock worth $127,182,000 after purchasing an additional 15,505 shares during the period. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.