Beacon Roofing Supply, Inc. (NASDAQ:BECN) Sees Large Growth in Short Interest

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,670,000 shares, a growth of 17.6% from the October 15th total of 1,420,000 shares. Approximately 2.7% of the shares of the stock are short sold. Based on an average trading volume of 664,100 shares, the short-interest ratio is presently 2.5 days.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BECN shares. Benchmark reissued a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research note on Friday, November 1st. JPMorgan Chase & Co. increased their price objective on shares of Beacon Roofing Supply from $110.00 to $119.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Stephens lowered their price objective on shares of Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Royal Bank of Canada upped their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Robert W. Baird increased their price target on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Beacon Roofing Supply has a consensus rating of “Moderate Buy” and an average target price of $115.22.

Beacon Roofing Supply Trading Down 2.2 %

Shares of BECN stock traded down $2.20 during trading hours on Friday, reaching $98.75. The company had a trading volume of 547,550 shares, compared to its average volume of 694,894. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $105.84. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14. The firm has a market cap of $6.11 billion, a price-to-earnings ratio of 16.88 and a beta of 1.54. The company has a 50 day moving average of $91.58 and a 200 day moving average of $92.46.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 5,637 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $100.47, for a total transaction of $566,349.39. Following the sale, the insider now directly owns 69,514 shares of the company’s stock, valued at approximately $6,984,071.58. This represents a 7.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $90.00, for a total transaction of $234,000.00. Following the sale, the insider now directly owns 9,131 shares of the company’s stock, valued at approximately $821,790. The trade was a 22.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock worth $1,526,146 over the last three months. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Beacon Roofing Supply by 14.1% during the 1st quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock worth $689,814,000 after buying an additional 872,216 shares during the period. FMR LLC raised its position in shares of Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after purchasing an additional 963,633 shares during the period. State Street Corp raised its position in shares of Beacon Roofing Supply by 1.1% during the third quarter. State Street Corp now owns 1,471,500 shares of the company’s stock worth $127,182,000 after purchasing an additional 15,505 shares during the period. Boston Partners lifted its holdings in shares of Beacon Roofing Supply by 79.6% during the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock valued at $126,082,000 after purchasing an additional 569,627 shares in the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Beacon Roofing Supply by 0.3% in the 3rd quarter. Fisher Asset Management LLC now owns 993,715 shares of the company’s stock valued at $85,887,000 after purchasing an additional 2,607 shares during the period. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.