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

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

Beacon Roofing Supply Stock Performance

Shares of BECN traded up $2.71 during trading hours on Wednesday, reaching $102.80. 1,167,576 shares of the company’s stock traded hands, compared to its average volume of 695,985. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of -163.17 and a beta of 1.58. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.87 and a quick ratio of 1.02. Beacon Roofing Supply has a twelve month low of $68.50 and a twelve month high of $105.42. The business’s fifty day simple moving average is $95.36 and its two-hundred day simple moving average is $92.60.

Beacon Roofing Supply (NASDAQ:BECN) last announced its earnings results on Thursday, May 2nd. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.06. Beacon Roofing Supply had a return on equity of 26.39% and a net margin of 4.47%. The business had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Analysts predict that Beacon Roofing Supply will post 7.79 earnings per share for the current year.

Insider Activity at Beacon Roofing Supply

In related news, EVP Christopher Carl Nelson sold 2,955 shares of Beacon Roofing Supply stock in a transaction on Friday, June 28th. The shares were sold at an average price of $91.11, for a total value of $269,230.05. Following the transaction, the executive vice president now directly owns 320 shares in the company, valued at approximately $29,155.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new stake in Beacon Roofing Supply in the 4th quarter worth about $501,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Beacon Roofing Supply during the fourth quarter worth $952,000. Arizona State Retirement System grew its stake in shares of Beacon Roofing Supply by 3.8% during the fourth quarter. Arizona State Retirement System now owns 14,993 shares of the company’s stock worth $1,305,000 after purchasing an additional 551 shares during the period. New York State Teachers Retirement System grew its stake in shares of Beacon Roofing Supply by 46.1% during the fourth quarter. New York State Teachers Retirement System now owns 5,190 shares of the company’s stock worth $452,000 after purchasing an additional 1,638 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Beacon Roofing Supply by 8.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,137 shares of the company’s stock valued at $2,274,000 after acquiring an additional 2,112 shares during the period. Institutional investors and hedge funds own 98.45% of the company’s stock.

Wall Street Analyst Weigh In

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