Beacon Roofing Supply (NASDAQ:BECN) Sees Unusually-High Trading Volume – Here’s Why

Beacon Roofing Supply, Inc. (NASDAQ:BECN) shares saw strong trading volume on Tuesday . 920,582 shares traded hands during mid-day trading, a decline of 5% from the previous session’s volume of 972,920 shares.The stock last traded at $123.74 and had previously closed at $123.70.

Analyst Upgrades and Downgrades

Several research firms have commented on BECN. Robert W. Baird lifted their price target on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Royal Bank of Canada downgraded Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and increased their price target for the stock from $124.00 to $124.35 in a report on Wednesday. Zelman & Associates lowered Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Stifel Nicolaus cut shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and lowered their price target for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. Finally, Baird R W cut Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Beacon Roofing Supply has a consensus rating of “Hold” and an average price target of $122.10.

Beacon Roofing Supply Stock Up 0.0 %

The firm has a market cap of $7.62 billion, a PE ratio of 21.16 and a beta of 1.63. 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’s 50 day moving average is $118.95 and its 200-day moving average is $106.93.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, February 27th. The company reported $1.65 earnings per share 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 analysts’ expectations of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. As a group, equities research analysts expect that Beacon Roofing Supply, Inc. will post 7.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP increased its stake in Beacon Roofing Supply by 180.7% during the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Beacon Roofing Supply during the 4th quarter worth approximately $31,000. Johnson Financial Group Inc. purchased a new position in Beacon Roofing Supply in the fourth quarter valued at approximately $54,000. PNC Financial Services Group Inc. lifted its holdings in shares of Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock valued at $60,000 after acquiring an additional 163 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its stake in shares of Beacon Roofing Supply by 26.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock worth $73,000 after purchasing an additional 150 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.