Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Expands By 13.7%

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 1,410,000 shares, a growth of 13.7% from the September 15th total of 1,240,000 shares. Currently, 2.3% of the shares of the stock are short sold. Based on an average daily volume of 759,000 shares, the days-to-cover ratio is currently 1.9 days.

Insider Activity

In other Beacon Roofing Supply news, CFO Prithvi Gandhi purchased 5,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the transaction, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $411,450. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Christopher Carl Nelson sold 1,627 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $85.00, for a total transaction of $138,295.00. Following the transaction, the executive vice president now owns 320 shares of the company’s stock, valued at approximately $27,200. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Prithvi Gandhi purchased 5,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the purchase, the chief financial officer now owns 5,000 shares of the company’s stock, valued at $411,450. The disclosure for this purchase can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently made changes to their positions in BECN. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Beacon Roofing Supply by 24.4% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 20,900 shares of the company’s stock worth $1,806,000 after purchasing an additional 4,100 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Beacon Roofing Supply by 154.0% in the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock worth $63,000 after acquiring an additional 445 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Beacon Roofing Supply by 167.9% in the third quarter. SG Americas Securities LLC now owns 4,228 shares of the company’s stock worth $365,000 after acquiring an additional 2,650 shares in the last quarter. Central Pacific Bank Trust Division increased its position in shares of Beacon Roofing Supply by 66.7% in the third quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock worth $108,000 after acquiring an additional 500 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its position in shares of Beacon Roofing Supply by 59.0% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,014 shares of the company’s stock worth $182,000 after acquiring an additional 747 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors.

Beacon Roofing Supply Price Performance

Shares of BECN stock traded up $1.51 during midday trading on Monday, reaching $93.36. 429,399 shares of the company were exchanged, compared to its average volume of 716,075. Beacon Roofing Supply has a 12 month low of $68.50 and a 12 month high of $105.42. The company has a market cap of $5.94 billion, a P/E ratio of -148.19 and a beta of 1.55. The company’s 50 day moving average price is $86.35 and its two-hundred day moving average price is $92.66. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.09 and a current ratio of 1.90.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The company had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter last year, the firm posted $2.66 earnings per share. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts expect that Beacon Roofing Supply will post 7.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BECN. Stephens cut their price target on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Robert W. Baird lowered their price target on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Finally, Royal Bank of Canada lowered their price target on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $113.78.

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.