Beacon Roofing Supply (NASDAQ:BECN) Shares Gap Up - Here's What Happened

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report)'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 traded.

Analysts Set New Price Targets

A number of brokerages have weighed in on BECN. StockNews.com started coverage on Beacon Roofing Supply in a research report on Sunday. They issued a "sell" rating on the stock. Robert W. Baird upped their target price on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an "outperform" rating in a report on Friday, February 28th. BMO Capital Markets cut their price target on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an "outperform" rating for the company in a report on Tuesday, March 4th. JPMorgan Chase & Co. boosted their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an "overweight" rating in a research report on Tuesday, November 19th. Finally, Zelman & Associates lowered shares of Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $119.95.

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Beacon Roofing Supply Price Performance

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 firm has a market capitalization of $7.34 billion, a P/E ratio of 20.37 and a beta of 1.63. The company's 50 day moving average price is $114.05 and its 200 day moving average price is $102.72.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts' consensus estimates of $1.66 by ($0.01). The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. As a group, sell-side analysts anticipate that Beacon Roofing Supply, Inc. will post 7.22 EPS for the current fiscal year.

Institutional Trading of Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE grew its holdings in Beacon Roofing Supply by 2.3% during the 3rd quarter. US Bancorp DE now owns 5,255 shares of the company's stock worth $454,000 after acquiring an additional 116 shares during the period. Meritage Portfolio Management boosted its position in shares of Beacon Roofing Supply by 11.4% in the 3rd quarter. Meritage Portfolio Management now owns 4,002 shares of the company's stock worth $346,000 after purchasing an additional 408 shares during the last quarter. WCM Investment Management LLC grew its stake in shares of Beacon Roofing Supply by 1.6% during the third quarter. WCM Investment Management LLC now owns 524,985 shares of the company's stock worth $46,052,000 after purchasing an additional 8,054 shares during the period. MQS Management LLC bought a new stake in Beacon Roofing Supply in the third quarter valued at about $496,000. Finally, KBC Group NV lifted its stake in Beacon Roofing Supply by 20.8% in the third quarter. KBC Group NV now owns 1,728 shares of the company's stock valued at $149,000 after buying an additional 297 shares during the period. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.