Beacon Roofing Supply (NASDAQ:BECN) Reaches New 1-Year High - Still a Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $124.02 and last traded at $123.93, with a volume of 1621406 shares traded. The stock had previously closed at $123.65.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Loop Capital reaffirmed a "hold" rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a report on Friday, March 21st. Zelman & Associates cut shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 16th. BMO Capital Markets restated a "market perform" rating and set a $124.35 target price (down previously from $130.00) on shares of Beacon Roofing Supply in a research report on Thursday, April 17th. Robert W. Baird increased their price target on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an "outperform" rating in a research report on Friday, February 28th. Finally, Stifel Nicolaus lowered Beacon Roofing Supply from a "buy" rating to a "hold" rating and reduced their target price for the company from $131.00 to $122.55 in a research note on Friday, February 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $121.47.

Beacon Roofing Supply Trading Up 0.1 %

The business has a 50 day simple moving average of $120.59 and a 200-day simple moving average of $111.64. 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 stock has a market capitalization of $7.67 billion, a price-to-earnings ratio of 21.23 and a beta of 1.31.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last released its 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 company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. On average, equities analysts predict that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Christopher Carl Nelson sold 16,595 shares of the firm's stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $123.61, for a total value of $2,051,307.95. Following the transaction, the executive vice president now owns 463 shares of the company's stock, valued at approximately $57,231.43. This trade represents a 97.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the company's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $122.14, for a total transaction of $1,036,602.18. Following the sale, the insider now directly owns 22,642 shares of the company's stock, valued at approximately $2,765,493.88. This trade represents a 27.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,806 shares of company stock valued at $6,745,448. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new stake in shares of Beacon Roofing Supply during the 4th quarter valued at about $31,000. Versant Capital Management Inc grew its position in Beacon Roofing Supply by 133.7% in the first quarter. Versant Capital Management Inc now owns 388 shares of the company's stock valued at $48,000 after acquiring an additional 222 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in shares of Beacon Roofing Supply during the fourth quarter valued at approximately $54,000. PNC Financial Services Group Inc. lifted its position in shares of Beacon Roofing Supply by 38.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company's stock worth $60,000 after purchasing an additional 163 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in 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 purchasing an additional 150 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other 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.