Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Decreases By 9.5%

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw 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 short-interest ratio is currently 1.6 days. Currently, 2.0% of the company’s shares are sold short.

Insider Activity

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 320 shares of the company’s stock, valued at $27,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Christopher Carl Nelson sold 1,627 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 320 shares of the company’s stock, valued at $27,200. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Prithvi Gandhi purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the purchase, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $411,450. The disclosure for this purchase can be found here. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Beacon Roofing Supply

Large investors have recently modified their holdings of the stock. TFO Wealth Partners LLC increased its stake in Beacon Roofing Supply by 132,500.0% during the 4th quarter. TFO Wealth Partners LLC now owns 3,978 shares of the company’s stock valued at $346,000 after purchasing an additional 3,975 shares in the last quarter. Eagle Asset Management Inc. raised its holdings in Beacon Roofing Supply by 2.4% in the 4th quarter. Eagle Asset Management Inc. now owns 156,284 shares of the company’s stock worth $13,600,000 after acquiring an additional 3,591 shares during the last quarter. Rafferty Asset Management LLC raised its holdings in Beacon Roofing Supply by 40.0% in the 4th quarter. Rafferty Asset Management LLC now owns 17,877 shares of the company’s stock worth $1,556,000 after acquiring an additional 5,108 shares during the last quarter. Quantedge Capital Pte Ltd bought a new position in Beacon Roofing Supply in the 4th quarter valued at approximately $2,498,000. Finally, Vinva Investment Management Ltd purchased a new stake in Beacon Roofing Supply during the 4th quarter valued at $242,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Analysts Set New Price Targets

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

Beacon Roofing Supply Stock Performance

NASDAQ:BECN opened at $87.73 on Tuesday. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of -137.19 and a beta of 1.55. The business has a 50 day moving average of $87.97 and a 200 day moving average of $92.84. 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 1-year low of $68.50 and a 1-year high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Thursday, August 1st. The company reported $2.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.79 by ($0.47). The business 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 quarterly revenue was up 6.8% on a year-over-year basis. During the same period last year, the firm posted $2.66 earnings per share. On average, sell-side analysts predict that Beacon Roofing Supply will post 7.39 earnings per share for the current fiscal year.

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.