Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Up 24.8% in December

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 1,410,000 shares, an increase of 24.8% from the December 15th total of 1,130,000 shares. Based on an average trading volume of 669,300 shares, the days-to-cover ratio is presently 2.1 days. Currently, 2.3% of the shares of the company are sold short.

Beacon Roofing Supply Trading Down 2.2 %

Shares of BECN stock traded down $2.58 during mid-day trading on Thursday, reaching $114.60. 2,016,000 shares of the stock traded hands, compared to its average volume of 1,220,620. The company has a market cap of $7.09 billion, a price-to-earnings ratio of 19.59 and a beta of 1.61. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The stock’s fifty day simple moving average is $106.40 and its two-hundred day simple moving average is $95.92. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $121.22.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BECN shares. Stifel Nicolaus reissued a “buy” rating and issued a $115.00 target price on shares of Beacon Roofing Supply in a report on Wednesday, January 8th. StockNews.com downgraded shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research report on Thursday. JPMorgan Chase & Co. upped their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. BMO Capital Markets lifted their price target on Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Robert W. Baird upped their price objective on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $119.33.

Insider Buying and Selling

In related news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $110.00, for a total transaction of $286,000.00. Following the sale, the insider now owns 6,531 shares of the company’s stock, valued at $718,410. This represents a 28.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $103.14, for a total value of $725,796.18. Following the transaction, the insider now owns 69,449 shares in the company, valued at approximately $7,162,969.86. This trade represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,274 shares of company stock valued at $1,578,146. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Hedge funds have recently modified their holdings of the business. Quarry LP raised its position in Beacon Roofing Supply by 180.7% during the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. Blue Trust Inc. raised its position in shares of Beacon Roofing Supply by 222.1% during the third quarter. Blue Trust Inc. now owns 306 shares of the company’s stock worth $28,000 after acquiring an additional 211 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of Beacon Roofing Supply in the third quarter worth approximately $28,000. GAMMA Investing LLC boosted its holdings in Beacon Roofing Supply by 154.0% in the third quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after acquiring an additional 445 shares during the last quarter. Finally, Central Pacific Bank Trust Division increased its position in Beacon Roofing Supply by 66.7% during the 3rd quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock valued at $108,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds 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.