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

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

Analysts Set New Price Targets

BECN has been the topic of a number of research reports. Royal Bank of Canada cut their price objective on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Robert W. Baird decreased their price objective on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a research note 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 on the stock in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 28th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $111.30.

Beacon Roofing Supply Stock Up 1.3 %

BECN traded up $1.11 on Monday, reaching $84.59. The company’s stock had a trading volume of 470,876 shares, compared to its average volume of 715,831. 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. The business’s 50 day moving average is $89.87 and its 200 day moving average is $92.84. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of -132.51 and a beta of 1.55.

Beacon Roofing Supply (NASDAQ:BECN) last released its earnings results on Thursday, August 1st. The company reported $2.32 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%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.66 earnings per share. As a group, research analysts forecast that Beacon Roofing Supply will post 7.39 EPS for the current fiscal year.

Insider Activity

In other news, EVP Christopher Carl Nelson sold 1,627 shares of the company’s stock in a transaction dated 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 transaction, 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 is available at this hyperlink. In other news, CFO Prithvi Gandhi bought 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average cost of $82.29 per share, with a total value of $411,450.00. Following the transaction, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $411,450. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Christopher Carl Nelson sold 1,627 shares of Beacon Roofing Supply stock in a transaction on 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 in the company, valued at approximately $27,200. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently modified their holdings of the stock. Caprock Group LLC increased its holdings in shares of Beacon Roofing Supply by 1.3% in the 1st quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock valued at $860,000 after acquiring an additional 111 shares during the last quarter. 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 during the period. Vanguard Personalized Indexing Management LLC increased its stake in Beacon Roofing Supply by 2.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock valued at $501,000 after purchasing an additional 147 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of Beacon Roofing Supply by 1.8% during the second quarter. SummerHaven Investment Management LLC now owns 8,874 shares of the company’s stock worth $803,000 after purchasing an additional 156 shares during the period. Finally, QRG Capital Management Inc. lifted its position in shares of Beacon Roofing Supply by 1.5% in the 1st quarter. QRG Capital Management Inc. now owns 10,475 shares of the company’s stock worth $1,027,000 after buying an additional 157 shares during the last quarter. Institutional investors own 98.45% of the company’s stock.

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.