Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Down 8.0% in July

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 1,720,000 shares, a decrease of 8.0% from the June 30th total of 1,870,000 shares. Currently, 2.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 669,300 shares, the short-interest ratio is presently 2.6 days.

Insider Activity

In other news, EVP Christopher Carl Nelson sold 2,955 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $91.11, for a total transaction of $269,230.05. Following the completion of the sale, the executive vice president now owns 320 shares in the company, valued at approximately $29,155.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Large investors have recently modified their holdings of the company. nVerses Capital LLC acquired a new position in Beacon Roofing Supply during the 2nd quarter valued at about $281,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Beacon Roofing Supply during the 2nd quarter valued at about $1,937,000. Principal Financial Group Inc. increased its stake in Beacon Roofing Supply by 16.6% during the 2nd quarter. Principal Financial Group Inc. now owns 54,744 shares of the company’s stock valued at $4,954,000 after buying an additional 7,812 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Beacon Roofing Supply by 29.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,777 shares of the company’s stock worth $1,156,000 after purchasing an additional 2,872 shares during the last quarter. Finally, Iridian Asset Management LLC CT grew its stake in shares of Beacon Roofing Supply by 12.0% in the 2nd quarter. Iridian Asset Management LLC CT now owns 65,649 shares of the company’s stock worth $5,941,000 after purchasing an additional 7,031 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Beacon Roofing Supply Trading Up 2.7 %

Shares of Beacon Roofing Supply stock traded up $2.71 during trading hours on Wednesday, hitting $102.80. The company’s stock had a trading volume of 1,167,576 shares, compared to its average volume of 695,985. Beacon Roofing Supply has a 1-year low of $68.50 and a 1-year high of $105.42. The business has a fifty day moving average of $95.36 and a 200 day moving average of $92.60. The company has a market capitalization of $6.54 billion, a PE ratio of -163.17 and a beta of 1.58. The company has a quick ratio of 1.02, a current ratio of 1.87 and a debt-to-equity ratio of 1.47.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. Beacon Roofing Supply had a net margin of 4.47% and a return on equity of 26.39%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.88 billion. As a group, equities analysts forecast that Beacon Roofing Supply will post 7.79 EPS for the current year.

Analyst Ratings Changes

BECN has been the subject of several recent research reports. BMO Capital Markets raised their price target on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. Robert W. Baird boosted their price target on shares of Beacon Roofing Supply from $115.00 to $117.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. StockNews.com downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a report on Monday, May 6th. JPMorgan Chase & Co. boosted their price objective on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. Finally, Benchmark assumed coverage on shares of Beacon Roofing Supply in a report on Thursday, April 18th. They issued a “buy” rating and a $135.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $109.45.

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.