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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a significant decrease in short interest in 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. Currently, 2.0% of the shares of the stock are short sold. Based on an average trading volume of 760,800 shares, the days-to-cover ratio is currently 1.6 days.

Beacon Roofing Supply Price Performance

Shares of Beacon Roofing Supply stock traded up $0.17 during trading hours on Friday, reaching $87.72. 484,992 shares of the company’s stock were exchanged, compared to its average volume of 715,664. Beacon Roofing Supply has a 1 year low of $68.50 and a 1 year high of $105.42. The company has a market capitalization of $5.58 billion, a P/E ratio of -139.24 and a beta of 1.55. The business has a fifty day moving average of $87.97 and a two-hundred day moving average of $92.75. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75.

Beacon Roofing Supply (NASDAQ:BECN) last released 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). Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.69 billion. During the same period in the previous year, the business posted $2.66 EPS. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, research analysts predict that Beacon Roofing Supply will post 7.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insider Activity

In related news, EVP Christopher Carl Nelson sold 1,627 shares of Beacon Roofing Supply 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 transaction, the executive vice president now owns 320 shares in the company, valued at $27,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 sale, the executive vice president now owns 320 shares of the company’s stock, valued at approximately $27,200. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Prithvi Gandhi acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price 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 disclosure for this purchase can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Quantedge Capital Pte Ltd acquired a new position in shares of Beacon Roofing Supply in the 4th quarter worth approximately $2,498,000. Capstone Investment Advisors LLC purchased a new stake in shares of Beacon Roofing Supply in the first quarter valued at $1,664,000. Benson Investment Management Company Inc. acquired a new position in shares of Beacon Roofing Supply in the first quarter worth $3,807,000. Goldman Sachs Group Inc. lifted its stake in Beacon Roofing Supply by 11.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 602,287 shares of the company’s stock valued at $52,411,000 after acquiring an additional 62,690 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Beacon Roofing Supply during the fourth quarter valued at about $711,000. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.