Beacon Roofing Supply, Inc. (NASDAQ:BECN) Sees Significant Decrease in Short Interest

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 1,240,000 shares, a decrease of 9.5% from the August 31st total of 1,370,000 shares. Based on an average daily trading volume, of 760,800 shares, the days-to-cover ratio is currently 1.6 days. Currently, 2.0% of the company’s shares are sold short.

Beacon Roofing Supply Stock Up 1.5 %

Shares of NASDAQ BECN opened at $87.73 on Tuesday. Beacon Roofing Supply has a 12-month low of $68.50 and a 12-month high of $105.42. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75. The stock has a market cap of $5.58 billion, a PE ratio of -137.19 and a beta of 1.55. The company has a 50-day moving average of $87.97 and a 200 day moving average of $92.84.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.66 earnings per share. As a group, sell-side analysts predict that Beacon Roofing Supply will post 7.39 EPS for the current fiscal year.

Insider Transactions at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 1,627 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $85.00, for a total transaction of $138,295.00. Following the completion of the transaction, the executive vice president now owns 320 shares in the company, valued at approximately $27,200. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Prithvi Gandhi bought 5,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were acquired at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the purchase, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $411,450. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Christopher Carl Nelson sold 1,627 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $85.00, for a total value of $138,295.00. Following the sale, the executive vice president now owns 320 shares of the company’s stock, valued at $27,200. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

Several institutional investors have recently bought and sold shares of BECN. Allspring Global Investments Holdings LLC purchased a new stake in shares of Beacon Roofing Supply in the first quarter valued at about $26,000. PNC Financial Services Group Inc. boosted its position in shares of Beacon Roofing Supply by 145.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock worth $30,000 after buying an additional 203 shares in the last quarter. Quarry LP grew its stake in Beacon Roofing Supply by 127.1% in the 4th quarter. Quarry LP now owns 402 shares of the company’s stock valued at $35,000 after acquiring an additional 225 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in Beacon Roofing Supply by 28.4% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock valued at $52,000 after acquiring an additional 116 shares in the last quarter. Finally, Plato Investment Management Ltd increased its holdings in Beacon Roofing Supply by 140.3% during the 1st quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock valued at $109,000 after acquiring an additional 648 shares in the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BECN. Robert W. Baird lowered their target price on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Stephens lowered their price target on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a report on Monday, August 5th. Finally, Royal Bank of Canada reduced their target price on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $111.30.

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.