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

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

Beacon Roofing Supply Trading Up 1.0 %

BECN opened at $113.41 on Wednesday. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $116.30. The firm has a 50-day moving average price of $98.27 and a two-hundred day moving average price of $93.81. The stock has a market capitalization of $7.02 billion, a PE ratio of 19.39 and a beta of 1.59. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Analysts Set New Price Targets

A number of research analysts have recently commented on BECN shares. Robert W. Baird upped their price objective on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada upped their price target 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 reissued a “buy” rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a report on Friday, November 1st. JPMorgan Chase & Co. upped their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Stephens reiterated an “equal weight” rating and set a $103.00 price target on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $118.00.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the completion of the sale, the insider now directly owns 9,131 shares in the company, valued at $821,790. This represents a 22.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $103.14, for a total value of $725,796.18. Following the completion of the sale, the insider now directly owns 69,449 shares in the company, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,874 shares of company stock worth $1,812,146. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Franklin Resources Inc. lifted its position in Beacon Roofing Supply by 2.5% during the 3rd 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 period. Tidal Investments LLC grew its holdings in Beacon Roofing Supply by 11.8% during the 3rd quarter. Tidal Investments LLC now owns 5,022 shares of the company’s stock worth $434,000 after acquiring an additional 530 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at $240,000. Barclays PLC lifted its stake in shares of Beacon Roofing Supply by 272.0% in the 3rd quarter. Barclays PLC now owns 122,024 shares of the company’s stock valued at $10,547,000 after purchasing an additional 89,222 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Beacon Roofing Supply in the 3rd quarter worth $599,000. Institutional investors and hedge funds 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.