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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw a significant decline in short interest in November. As of November 30th, there was short interest totalling 1,390,000 shares, a decline of 11.5% from the November 15th total of 1,570,000 shares. Currently, 2.3% of the shares of the stock are sold short. Based on an average daily volume of 719,600 shares, the days-to-cover ratio is currently 1.9 days.

Analyst Ratings Changes

BECN has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Robert W. Baird boosted their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Benchmark reiterated a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Royal Bank of Canada boosted their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Stephens reiterated an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $118.00.

Insider Transactions at Beacon Roofing Supply

In related news, insider Clement Munroe Best III sold 5,637 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the completion of the sale, the insider now owns 69,514 shares in the company, valued at $6,984,071.58. The trade was a 7.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the sale, the insider now owns 9,131 shares of the company’s stock, valued at $821,790. The trade was a 22.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,874 shares of company stock valued at $1,812,146. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

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

Beacon Roofing Supply Trading Up 0.2 %

Shares of BECN traded up $0.17 during mid-day trading on Monday, hitting $106.52. 10,487 shares of the company’s stock traded hands, compared to its average volume of 713,653. The firm has a market capitalization of $6.59 billion, a P/E ratio of 18.18 and a beta of 1.59. The business’s 50-day moving average price is $102.03 and its 200-day moving average price is $94.57. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $116.30. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60.

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.