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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 1,570,000 shares, a decline of 6.0% from the October 31st total of 1,670,000 shares. Currently, 2.6% of the shares of the company are short sold. Based on an average daily trading volume, of 744,800 shares, the short-interest ratio is presently 2.1 days.

Analyst Upgrades and Downgrades

BECN has been the subject of a number of recent analyst reports. Robert W. Baird upped their target price 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. increased their price target on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Royal Bank of Canada raised their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a report on Friday, November 1st. Finally, Stephens restated an “equal weight” rating and issued a $103.00 target price 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 assigned a buy rating to the stock. According to MarketBeat.com, Beacon Roofing Supply has an average rating of “Moderate Buy” and an average target price of $118.00.

Beacon Roofing Supply Trading Down 0.3 %

Shares of Beacon Roofing Supply stock traded down $0.36 during midday trading on Monday, reaching $112.66. The company had a trading volume of 252,271 shares, compared to its average volume of 725,250. The firm has a market cap of $6.97 billion, a PE ratio of 19.24 and a beta of 1.54. The stock has a fifty day moving average price of $97.15 and a 200 day moving average price of $93.57. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. Beacon Roofing Supply has a fifty-two week low of $77.54 and a fifty-two week high of $116.30.

Insider Buying and Selling

In other news, insider Jason L. Taylor sold 2,600 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were 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 approximately $821,790. The trade was a 22.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Clement Munroe Best III sold 5,637 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total transaction of $566,349.39. Following the transaction, the insider now directly owns 69,514 shares in the company, valued at approximately $6,984,071.58. This represents a 7.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,874 shares of company stock valued at $1,812,146. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

Hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at about $1,441,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Beacon Roofing Supply in the third quarter worth approximately $4,331,000. Vaughan Nelson Investment Management L.P. grew 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 period. Citigroup Inc. grew its stake in Beacon Roofing Supply by 1,192.1% in the third quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after acquiring an additional 473,937 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Beacon Roofing Supply by 34.7% during the first quarter. Janus Henderson Group PLC now owns 34,673 shares of the company’s stock valued at $3,396,000 after acquiring an additional 8,932 shares in the last quarter. Institutional investors 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.