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

Beacon Roofing Supply, Inc. (NASDAQ:BECN)’s share price gapped up before the market opened 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 trading hands.

Analysts Set New Price Targets

BECN has been the subject of a number of recent research reports. Benchmark reissued a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a report on Monday, March 3rd. Zelman & Associates downgraded shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. StockNews.com initiated coverage on Beacon Roofing Supply in a research report on Sunday. They issued a “sell” rating on the stock. BMO Capital Markets reduced their price objective on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Finally, Stephens restated an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $119.95.

Beacon Roofing Supply Price Performance

The stock has a market cap of $7.35 billion, a price-to-earnings ratio of 20.41 and a beta of 1.63. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The business’s 50-day simple moving average is $113.67 and its two-hundred day simple moving average is $102.39.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data 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 analyst estimates of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Research analysts expect that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. FMR LLC grew its position in Beacon Roofing Supply by 17.6% during the third 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. Norges Bank purchased a new position in Beacon Roofing Supply during the fourth quarter valued at approximately $94,573,000. Balyasny Asset Management L.P. purchased a new stake in Beacon Roofing Supply in the 4th quarter worth approximately $68,588,000. Janus Henderson Group PLC boosted its holdings in Beacon Roofing Supply by 1,449.0% in the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after purchasing an additional 575,852 shares during the period. Finally, Citigroup Inc. grew its position in shares of Beacon Roofing Supply by 1,192.1% during the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after purchasing an additional 473,937 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.