Beacon Roofing Supply (NASDAQ:BECN) Hits New 52-Week High – Time to Buy?

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s share price hit a new 52-week high on Thursday . The stock traded as high as $123.90 and last traded at $123.85, with a volume of 256153 shares trading hands. The stock had previously closed at $123.84.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Benchmark restated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Monday, March 3rd. Robert W. Baird upped their target price on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Loop Capital reissued a “hold” rating and set a $124.00 price objective on shares of Beacon Roofing Supply in a report on Friday, March 21st. Baird R W cut shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Finally, Raymond James cut Beacon Roofing Supply from a “moderate buy” rating to a “hold” rating in a report on Friday, March 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $120.95.

Beacon Roofing Supply Stock Performance

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 company has a fifty day moving average of $118.02 and a two-hundred day moving average of $105.31. The firm has a market capitalization of $7.63 billion, a price-to-earnings ratio of 21.17 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last released 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). 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 during the quarter, compared to analyst estimates of $2.43 billion. As a group, equities research analysts predict that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of 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 purchasing an additional 24,027 shares during the period. FMR LLC increased its holdings in Beacon Roofing Supply by 17.6% in the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after buying an additional 963,633 shares during the period. Boston Partners raised its position 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 valued at $462,417,000 after buying an additional 59,630 shares in the last quarter. Frontier Capital Management Co. LLC lifted its holdings 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 acquiring an additional 329,047 shares during the period. Finally, State Street Corp boosted its position 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 acquiring an additional 15,505 shares in the last quarter. 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.