Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Update

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 1,270,000 shares, a decrease of 24.0% from the January 15th total of 1,670,000 shares. Based on an average daily trading volume, of 869,700 shares, the days-to-cover ratio is currently 1.5 days. Currently, 2.1% of the company’s stock are sold short.

Analyst Ratings Changes

BECN has been the topic of several research analyst reports. StockNews.com assumed coverage on Beacon Roofing Supply in a research report on Thursday. They issued a “sell” rating on the stock. Zelman & Associates downgraded Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 16th. Benchmark restated a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research note on Friday, November 1st. Stephens restated an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Finally, 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $120.17.

Beacon Roofing Supply Trading Up 0.1 %

NASDAQ BECN traded up $0.08 during trading hours on Friday, hitting $119.30. 474,849 shares of the company’s stock were exchanged, compared to its average volume of 1,253,404. The stock has a 50-day simple moving average of $110.27 and a 200 day simple moving average of $99.37. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $121.42. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of 20.39 and a beta of 1.62. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the transaction, the insider now directly owns 6,531 shares of the company’s stock, valued at $718,410. This represents a 28.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Several large investors have recently added to or reduced their stakes in BECN. Truist Financial Corp bought a new position in Beacon Roofing Supply in the second quarter worth approximately $230,000. Sanctuary Advisors LLC bought a new position in shares of Beacon Roofing Supply in the second quarter valued at approximately $276,000. SG Americas Securities LLC lifted its holdings 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 valued at $365,000 after purchasing an additional 2,650 shares in the last quarter. Vontobel Holding Ltd. bought a new position in shares of Beacon Roofing Supply in the third quarter valued at approximately $897,000. Finally, Blue Trust Inc. lifted its holdings in shares of Beacon Roofing Supply by 222.1% in the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after purchasing an additional 211 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

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.