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Beacon Roofing Supply (BECN) shares ended the last trading session 5.4% higher at $102.24. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.2% gain over the past four weeks.

The stock rallied after recent data showing easing inflation, published by the U.S. Bureau of Labor Statistics.

This roofing materials distributor is expected to post quarterly earnings of $2.83 per share in its upcoming report, which represents a year-over-year change of +6.4%. Revenues are expected to be $2.69 billion, up 7.5% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Beacon Roofing, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on BECN going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Beacon Roofing belongs to the Zacks Building Products - Retail industry. Another stock from the same industry, Fastenal (FAST), closed the last trading session 2% higher at $64.53. Over the past month, FAST has returned -5.9%.

Fastenal's consensus EPS estimate for the upcoming report has changed -1.3% over the past month to $0.52. Compared to the company's year-ago EPS, this represents no change. Fastenal currently boasts a Zacks Rank of #4 (Sell).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.