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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a significant drop in short interest in February. As of February 28th, there was short interest totalling 768,100 shares, a drop of 26.8% from the February 13th total of 1,050,000 shares. Currently, 1.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 870,900 shares, the short-interest ratio is currently 0.9 days.

Beacon Roofing Supply Trading Up 1.3 %

BECN opened at $119.90 on Tuesday. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $122.97. 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 company has a market cap of $7.38 billion, a P/E ratio of 20.50 and a beta of 1.63. The company has a fifty day moving average price of $115.41 and a two-hundred day moving average price of $103.53.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.01). The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. Analysts predict that Beacon Roofing Supply will post 7.22 EPS for the current fiscal year.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently made changes to their positions in BECN. KBC Group NV increased its position in shares of Beacon Roofing Supply by 20.8% during the third quarter. KBC Group NV now owns 1,728 shares of the company’s stock worth $149,000 after acquiring an additional 297 shares in the last quarter. Huntington National Bank boosted its holdings in Beacon Roofing Supply by 14.1% during the third quarter. Huntington National Bank now owns 1,668 shares of the company’s stock worth $144,000 after purchasing an additional 206 shares during the last quarter. Natixis Advisors LLC boosted its holdings in Beacon Roofing Supply by 21.1% during the third quarter. Natixis Advisors LLC now owns 214,368 shares of the company’s stock worth $18,528,000 after purchasing an additional 37,347 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Beacon Roofing Supply by 18.7% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock valued at $83,239,000 after acquiring an additional 152,030 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in Beacon Roofing Supply by 1.4% in the third quarter. Thrivent Financial for Lutherans now owns 162,694 shares of the company’s stock valued at $14,061,000 after acquiring an additional 2,284 shares during the last quarter. 98.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BECN. StockNews.com began coverage on shares of Beacon Roofing Supply in a report on Monday. They set a “sell” rating on the stock. Benchmark reiterated a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a report on Monday, March 3rd. JPMorgan Chase & Co. lifted their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Zelman & Associates lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Finally, Stifel Nicolaus lowered shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their price target for the stock from $131.00 to $122.55 in a report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, Beacon Roofing Supply currently has a consensus rating of “Hold” and a consensus price target of $119.95.

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.