Beacon Roofing Supply, Inc. (NASDAQ:BECN) Sees Large Drop in Short Interest

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a large drop in short interest in November. As of November 15th, there was short interest totalling 1,570,000 shares, a drop of 6.0% from the October 31st total of 1,670,000 shares. Based on an average daily volume of 744,800 shares, the short-interest ratio is currently 2.1 days. Approximately 2.6% of the shares of the stock are short sold.

Insider Activity at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the transaction, the insider now directly owns 9,131 shares of the company’s stock, valued at approximately $821,790. The trade was a 22.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $103.14, for a total transaction of $725,796.18. Following the sale, the insider now directly owns 69,449 shares in the company, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,874 shares of company stock valued at $1,812,146 in the last three months. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. increased its position in shares of Beacon Roofing Supply by 2.5% in the third quarter. Franklin Resources Inc. now owns 540,305 shares of the company’s stock valued at $50,443,000 after acquiring an additional 13,092 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Beacon Roofing Supply by 11.8% in the third quarter. Tidal Investments LLC now owns 5,022 shares of the company’s stock valued at $434,000 after buying an additional 530 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Beacon Roofing Supply in the third quarter valued at $240,000. Barclays PLC grew its position in shares of Beacon Roofing Supply by 272.0% in the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock valued at $10,547,000 after acquiring an additional 89,222 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Beacon Roofing Supply in the 3rd quarter valued at about $599,000. 98.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BECN shares. Royal Bank of Canada increased their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. JPMorgan Chase & Co. raised their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Robert W. Baird upped their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Stephens restated an “equal weight” rating and set a $103.00 price objective on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.00.

Beacon Roofing Supply Stock Down 0.3 %

Shares of NASDAQ BECN traded down $0.36 during midday trading on Monday, reaching $112.66. The company’s stock had a trading volume of 252,271 shares, compared to its average volume of 725,250. The stock has a 50 day simple moving average of $97.15 and a 200-day simple moving average of $93.57. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of 19.24 and a beta of 1.54. Beacon Roofing Supply has a fifty-two week low of $77.54 and a fifty-two week high of $116.30.

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.