Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Increases By 13.7%

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 1,410,000 shares, a growth of 13.7% from the September 15th total of 1,240,000 shares. Approximately 2.3% of the shares of the company are short sold. Based on an average daily volume of 759,000 shares, the short-interest ratio is presently 1.9 days.

Analysts Set New Price Targets

Several analysts have recently weighed in on BECN shares. Stephens decreased their price objective 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. Royal Bank of Canada decreased their target price on shares of Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Robert W. Baird dropped their price target on shares of 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. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply has a consensus rating of “Moderate Buy” and a consensus target price of $113.78.

Beacon Roofing Supply Stock Performance

NASDAQ:BECN opened at $93.32 on Wednesday. The stock has a market capitalization of $5.94 billion, a P/E ratio of -148.13 and a beta of 1.55. Beacon Roofing Supply has a 1 year low of $68.50 and a 1 year high of $105.42. The firm has a 50 day moving average of $86.82 and a 200-day moving average of $92.60. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75.

Beacon Roofing Supply (NASDAQ:BECN) last announced 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). Beacon Roofing Supply had a return on equity of 26.02% and a net margin of 4.11%. The business had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the previous year, the company posted $2.66 EPS. Beacon Roofing Supply’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Beacon Roofing Supply will post 7.37 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $90.00, for a total value of $234,000.00. Following the completion of the sale, the insider now directly owns 9,131 shares of the company’s stock, valued at approximately $821,790. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Christopher Carl Nelson sold 1,627 shares of the business’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 transaction, the executive vice president now owns 320 shares in the company, valued at approximately $27,200. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $90.00, for a total transaction of $234,000.00. Following the completion of the sale, the insider now owns 9,131 shares of the company’s stock, valued at approximately $821,790. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Institutional Trading of Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently modified their holdings of BECN. Capstone Investment Advisors LLC acquired a new stake in shares of Beacon Roofing Supply in the 1st quarter valued at $1,664,000. Benson Investment Management Company Inc. acquired a new position in shares of Beacon Roofing Supply during the 1st quarter worth about $3,807,000. Goldman Sachs Group Inc. raised its position in shares of Beacon Roofing Supply by 11.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 602,287 shares of the company’s stock valued at $52,411,000 after acquiring an additional 62,690 shares during the period. Virtu Financial LLC bought a new position in Beacon Roofing Supply during the 4th quarter worth approximately $711,000. Finally, Principal Financial Group Inc. grew its holdings in Beacon Roofing Supply by 549.8% during the first quarter. Principal Financial Group Inc. now owns 46,932 shares of the company’s stock valued at $4,600,000 after purchasing an additional 39,710 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.