Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Grows By 24.8%

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 1,410,000 shares, a growth of 24.8% from the December 15th total of 1,130,000 shares. Based on an average daily volume of 669,300 shares, the days-to-cover ratio is presently 2.1 days. Currently, 2.3% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

BECN has been the topic of several analyst reports. BMO Capital Markets upped their target price on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a report on Thursday. Royal Bank of Canada raised their price objective on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Robert W. Baird lifted 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. JPMorgan Chase & Co. raised their price objective on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Finally, Benchmark reissued a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $121.11.

Insider Transactions at Beacon Roofing Supply

In related news, insider Clement Munroe Best III sold 5,637 shares of the firm’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 transaction of $566,349.39. Following the completion of the transaction, the insider now owns 69,514 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the sale, the insider now directly owns 6,531 shares in the company, valued at approximately $718,410. This represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,274 shares of company stock valued at $1,578,146. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Everence Capital Management Inc. acquired a new position in Beacon Roofing Supply during the fourth quarter worth approximately $210,000. JPMorgan Chase & Co. increased its holdings in shares of Beacon Roofing Supply by 16.3% in the third quarter. JPMorgan Chase & Co. now owns 356,922 shares of the company’s stock valued at $30,849,000 after purchasing an additional 49,902 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Beacon Roofing Supply by 2.5% in the third quarter. Franklin Resources Inc. now owns 540,305 shares of the company’s stock valued at $50,443,000 after purchasing an additional 13,092 shares during the last quarter. Tidal Investments LLC raised its position in shares of Beacon Roofing Supply by 11.8% in the third quarter. Tidal Investments LLC now owns 5,022 shares of the company’s stock valued at $434,000 after purchasing an additional 530 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in shares of Beacon Roofing Supply during the 3rd quarter worth about $240,000. 98.45% of the stock is owned by institutional investors.

Beacon Roofing Supply Stock Up 1.2 %

Shares of BECN stock traded up $1.32 during trading on Friday, reaching $115.92. The company’s stock had a trading volume of 1,159,010 shares, compared to its average volume of 456,673. The company has a market cap of $7.17 billion, a price-to-earnings ratio of 19.82 and a beta of 1.61. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $121.22. The business has a fifty day moving average price of $106.65 and a 200-day moving average price of $96.18. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60.

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.