Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Update

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Robert W. Baird cut their target price on 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. JPMorgan Chase & Co. raised their target price on Beacon Roofing Supply from $100.00 to $117.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. Stephens lowered their target price on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. Finally, Royal Bank of Canada cut their price target on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $111.30.

Beacon Roofing Supply Trading Up 1.3 %

NASDAQ BECN traded up $1.11 on Monday, hitting $84.59. 470,876 shares of the company were exchanged, compared to its average volume of 715,831. Beacon Roofing Supply has a twelve month low of $68.50 and a twelve month high of $105.42. The company’s 50 day moving average price is $89.87 and its 200-day moving average price is $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. The firm has a market capitalization of $5.23 billion, a P/E ratio of -132.51 and a beta of 1.55.

Beacon Roofing Supply (NASDAQ:BECN) last posted its quarterly earnings data on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing the consensus estimate of $2.79 by ($0.47). The firm had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.66 earnings per share. Analysts predict that Beacon Roofing Supply will post 7.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Christopher Carl Nelson sold 2,955 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $91.11, for a total value of $269,230.05. Following the sale, 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 can be accessed through this hyperlink. In related news, EVP Christopher Carl Nelson sold 2,955 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $91.11, for a total value of $269,230.05. Following the completion of the sale, the executive vice president now owns 320 shares of the company’s stock, valued at $29,155.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Prithvi Gandhi bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average price of $82.29 per share, with a total value of $411,450.00. Following the transaction, the chief financial officer now directly owns 5,000 shares in the company, valued at $411,450. The disclosure for this purchase can be found here. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BECN. Sanctuary Advisors LLC purchased a new position in Beacon Roofing Supply during the 2nd quarter valued at about $276,000. Truist Financial Corp acquired a new stake in shares of Beacon Roofing Supply during the second quarter worth approximately $230,000. Creative Planning boosted its holdings in shares of Beacon Roofing Supply by 29.9% during the second quarter. Creative Planning now owns 11,177 shares of the company’s stock worth $1,012,000 after purchasing an additional 2,575 shares during the period. Algert Global LLC increased its stake in Beacon Roofing Supply by 5.5% in the 2nd quarter. Algert Global LLC now owns 135,510 shares of the company’s stock valued at $12,264,000 after buying an additional 7,087 shares during the period. Finally, Driehaus Capital Management LLC acquired a new position in Beacon Roofing Supply in the 2nd quarter valued at approximately $39,606,000. 98.45% of the stock is owned by institutional investors and hedge funds.

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.