Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Up 17.6% in October

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 1,670,000 shares, an increase of 17.6% from the October 15th total of 1,420,000 shares. Approximately 2.7% of the company’s stock are sold short. Based on an average daily volume of 664,100 shares, the days-to-cover ratio is presently 2.5 days.

Insider Activity

In related news, insider Clement Munroe Best III sold 5,637 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total value of $566,349.39. Following the transaction, the insider now directly owns 69,514 shares of the company’s stock, valued at $6,984,071.58. This trade represents a 7.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction on Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the sale, the insider now owns 9,131 shares in the company, valued at $821,790. This represents a 22.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,274 shares of company stock valued at $1,526,146. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of Beacon Roofing Supply

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC increased its stake in Beacon Roofing Supply by 15.3% in the first quarter. Acadian Asset Management LLC now owns 374,276 shares of the company’s stock valued at $36,671,000 after purchasing an additional 49,634 shares during the last quarter. Boston Partners grew its holdings in Beacon Roofing Supply by 79.6% in the first quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after purchasing an additional 569,627 shares during the period. Blair William & Co. IL purchased a new stake in Beacon Roofing Supply in the first quarter valued at approximately $644,000. Bayesian Capital Management LP acquired a new position in Beacon Roofing Supply during the first quarter worth approximately $572,000. Finally, Comerica Bank raised its stake in Beacon Roofing Supply by 109.5% during the first quarter. Comerica Bank now owns 89,967 shares of the company’s stock worth $8,818,000 after purchasing an additional 47,028 shares during the period. 98.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BECN has been the topic of a number of research reports. Royal Bank of Canada raised their price target on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Stephens decreased their price target on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. JPMorgan Chase & Co. lifted their price objective on shares of Beacon Roofing Supply from $110.00 to $119.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Benchmark reaffirmed a “buy” rating and issued a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. Finally, Robert W. Baird raised their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply has an average rating of “Moderate Buy” and a consensus price target of $115.22.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock opened at $98.75 on Friday. The firm’s 50-day moving average is $91.58 and its two-hundred day moving average is $92.50. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The stock has a market capitalization of $6.11 billion, a P/E ratio of 16.88 and a beta of 1.54. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $105.84.

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.