Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Decreases By 24.0%

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 1,270,000 shares, a decline of 24.0% from the January 15th total of 1,670,000 shares. Currently, 2.1% of the company’s stock are short sold. Based on an average daily volume of 869,700 shares, the days-to-cover ratio is currently 1.5 days.

Insiders Place Their Bets

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the business’s 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 transaction, the insider now owns 6,531 shares of the company’s stock, valued at $718,410. The trade was a 28.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Several institutional investors have recently added to or reduced their stakes in BECN. Truist Financial Corp bought a new stake in shares of Beacon Roofing Supply during the 2nd quarter valued at $230,000. Sanctuary Advisors LLC bought a new stake in shares of Beacon Roofing Supply during the 2nd quarter valued at $276,000. SG Americas Securities LLC lifted its position in shares of Beacon Roofing Supply by 167.9% during the 3rd quarter. SG Americas Securities LLC now owns 4,228 shares of the company’s stock valued at $365,000 after acquiring an additional 2,650 shares during the period. Vontobel Holding Ltd. bought a new stake in shares of Beacon Roofing Supply during the 3rd quarter valued at $897,000. Finally, Blue Trust Inc. lifted its position in shares of Beacon Roofing Supply by 222.1% during the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 211 shares during the period. 98.45% of the stock is currently owned by institutional investors.

Beacon Roofing Supply Stock Performance

BECN opened at $119.57 on Friday. The business has a fifty day simple moving average of $109.99 and a 200 day simple moving average of $99.10. The company has a market capitalization of $7.40 billion, a PE ratio of 20.44 and a beta of 1.62. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $121.42. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BECN shares. Benchmark reiterated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research note on Friday, November 1st. BMO Capital Markets lifted their target price on Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a research note on Thursday, January 16th. Stephens reiterated an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Stifel Nicolaus downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating and reduced their target price for the stock from $131.00 to $122.55 in a research note on Friday, February 7th. Finally, Royal Bank of Canada lifted their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Beacon Roofing Supply currently has an average rating of “Hold” and an average price target of $120.17.

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.