For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.
While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Different than value or growth investors, momentum-oriented investors live by the saying “the trend is your friend.” This investing style is all about taking advantage of upward or downward trends in a stock’s price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
Beacon Roofing Supply (BECN)
Incorporated on Aug 22, 1997, Beacon Roofing Supply is the largest publicly traded distributor of residential and non-residential roofing materials and complementary building products in the United States and Canada. The company is one of the industry’s oldest and most recognized distributors. Beacon purchases products from a large number of manufacturers and then distributes these goods to customers, including contractors, home builders, retailers as well as building materials suppliers.
BECN boasts a Momentum Style Score of A and VGM Score of A, and holds a Zacks Rank #3 (Hold) rating. Shares of Beacon Roofing Supply has seen some interesting price action recently; the stock is down 1.6% over the past one week and up 3.8% over the past four weeks. And in the last one-year period, BECN has gained 56.7%. As for the stock’s trading volume, 712,223.25 shares on average were traded over the last 20 days.
Momentum investors also pay close attention to a company’s earnings. For BECN, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.21 to $7.51 per share for 2023. BECN boasts an average earnings surprise of 11.1%.
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With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding BECN to their portfolios.
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Beacon Roofing Supply, Inc. (BECN) : Free Stock Analysis Report
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