Beacon Roofing Supply (NASDAQ:BECN) Hits New 1-Year High - What's Next?

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) shares reached a new 52-week high during trading on Monday . The stock traded as high as $124.31 and last traded at $124.30, with a volume of 276784 shares traded. The stock had previously closed at $124.19.

Analysts Set New Price Targets

BECN has been the subject of several analyst reports. Baird R W lowered Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 20th. Robert W. Baird lifted their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an "outperform" rating in a research note on Friday, February 28th. Loop Capital reissued a "hold" rating and issued a $124.00 target price on shares of Beacon Roofing Supply in a research note on Friday, March 21st. Royal Bank of Canada cut shares of Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and lifted their price target for the stock from $124.00 to $124.35 in a research note on Wednesday, April 2nd. Finally, Benchmark reissued a "buy" rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Beacon Roofing Supply presently has an average rating of "Hold" and a consensus target price of $121.47.

Beacon Roofing Supply Stock Performance

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 50-day simple moving average of $121.27 and a two-hundred day simple moving average of $112.46. The firm has a market capitalization of $7.67 billion, a P/E ratio of 21.23 and a beta of 1.31.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $2.40 billion during the quarter, compared to analysts' expectations 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 research analysts anticipate that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 29,724 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $123.05, for a total value of $3,657,538.20. Following the transaction, the insider now owns 87,943 shares of the company's stock, valued at $10,821,386.15. The trade was a 25.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Christopher Carl Nelson sold 16,595 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $123.61, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 54,806 shares of company stock valued at $6,745,448 over the last ninety days. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several institutional investors and hedge funds have recently bought and sold shares of BECN. Norges Bank purchased a new stake in Beacon Roofing Supply during the 4th quarter worth approximately $94,573,000. Balyasny Asset Management L.P. acquired a new stake in Beacon Roofing Supply during the fourth quarter valued at $68,588,000. Frontier Capital Management Co. LLC increased its stake in shares of Beacon Roofing Supply by 16.0% in the 4th quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company's stock valued at $242,247,000 after purchasing an additional 329,047 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Beacon Roofing Supply by 253.2% during the 4th quarter. Bank of America Corp DE now owns 424,473 shares of the company's stock worth $43,118,000 after buying an additional 304,287 shares during the period. Finally, Spruce House Investment Management LLC lifted its holdings in Beacon Roofing Supply by 146.3% during the fourth quarter. Spruce House Investment Management LLC now owns 500,000 shares of the company's stock valued at $50,790,000 after purchasing an additional 297,000 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.