Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Decreases By 15.4%

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 1,370,000 shares, a decrease of 15.4% from the August 15th total of 1,620,000 shares. Currently, 2.2% of the company’s stock are short sold. Based on an average daily volume of 769,300 shares, the days-to-cover ratio is presently 1.8 days.

Insiders Place Their Bets

In related news, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $85.00, for a total value of $138,295.00. Following the completion of the transaction, the executive vice president now owns 320 shares of the company’s stock, valued at approximately $27,200. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Prithvi Gandhi acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the acquisition, the chief financial officer now directly owns 5,000 shares in the company, valued at approximately $411,450. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, EVP Christopher Carl Nelson sold 1,627 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $85.00, for a total transaction of $138,295.00. Following the completion of the sale, the executive vice president now owns 320 shares in the company, valued at approximately $27,200. The disclosure for this sale can be found here. 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 bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in Beacon Roofing Supply in the 1st quarter valued at approximately $26,000. PNC Financial Services Group Inc. increased its stake in Beacon Roofing Supply by 145.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 343 shares of the company’s stock valued at $30,000 after buying an additional 203 shares during the period. Quarry LP boosted its stake in Beacon Roofing Supply by 127.1% in the 4th quarter. Quarry LP now owns 402 shares of the company’s stock worth $35,000 after purchasing an additional 225 shares during the period. Benjamin F. Edwards & Company Inc. boosted its holdings in Beacon Roofing Supply by 28.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock worth $52,000 after purchasing an additional 116 shares in the last quarter. Finally, Plato Investment Management Ltd raised its position in shares of Beacon Roofing Supply by 140.3% during the first quarter. Plato Investment Management Ltd now owns 1,110 shares of the company’s stock valued at $109,000 after buying an additional 648 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Beacon Roofing Supply Price Performance

NASDAQ BECN traded down $0.77 during trading on Wednesday, reaching $85.81. The company’s stock had a trading volume of 171,119 shares, compared to its average volume of 711,938. The stock has a market capitalization of $5.46 billion, a PE ratio of -137.43 and a beta of 1.55. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.90 and a quick ratio of 1.09. Beacon Roofing Supply has a one year low of $68.50 and a one year high of $105.42. The firm has a fifty day moving average of $89.72 and a 200 day moving average of $92.84.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.47). The company had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. Beacon Roofing Supply’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the firm posted $2.66 earnings per share. Analysts expect that Beacon Roofing Supply will post 7.39 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on BECN shares. JPMorgan Chase & Co. boosted their price objective on Beacon Roofing Supply from $100.00 to $117.00 and gave the company an “overweight” rating in a research report on Tuesday, May 28th. Robert W. Baird lowered their target price on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Royal Bank of Canada lowered their price objective on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Stephens reduced their price target on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Beacon Roofing Supply has an average rating of “Moderate Buy” and an average 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.