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

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

Beacon Roofing Supply Price Performance

Shares of NASDAQ BECN traded up $1.81 during trading hours on Tuesday, hitting $86.40. 60,208 shares of the stock were exchanged, compared to its average volume of 712,164. The company’s fifty day simple moving average is $89.76 and its two-hundred day simple moving average is $92.83. The company has a market cap of $5.35 billion, a PE ratio of -134.27 and a beta of 1.55. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.09 and a current ratio of 1.90. Beacon Roofing Supply has a 1-year low of $68.50 and a 1-year high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last issued its earnings results on Thursday, August 1st. The company reported $2.32 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.47). Beacon Roofing Supply had a net margin of 4.11% and a return on equity of 26.02%. The business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. During the same period in the prior year, the business posted $2.66 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, sell-side analysts predict that Beacon Roofing Supply will post 7.39 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BECN shares. Stephens reduced their target price 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 cut their price objective 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. JPMorgan Chase & Co. raised their target price on shares of Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. 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 given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.30.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, CFO Prithvi Gandhi purchased 5,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $82.29 per share, with a total value of $411,450.00. Following the acquisition, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at approximately $411,450. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Christopher Carl Nelson sold 2,955 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $91.11, for a total transaction of $269,230.05. Following the transaction, the executive vice president now owns 320 shares in the company, valued at $29,155.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Prithvi Gandhi purchased 5,000 shares of Beacon Roofing Supply stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average price of $82.29 per share, with a total value of $411,450.00. Following the completion of the purchase, 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 currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BECN. Caprock Group LLC boosted its stake in shares of Beacon Roofing Supply by 1.3% in the 1st quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock valued at $860,000 after purchasing an additional 111 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in shares of Beacon Roofing Supply by 28.4% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock worth $52,000 after buying an additional 116 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in shares of Beacon Roofing Supply by 2.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock worth $501,000 after buying an additional 147 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of Beacon Roofing Supply by 1.8% during the second quarter. SummerHaven Investment Management LLC now owns 8,874 shares of the company’s stock worth $803,000 after buying an additional 156 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its stake in shares of Beacon Roofing Supply by 1.5% in the 1st quarter. QRG Capital Management Inc. now owns 10,475 shares of the company’s stock valued at $1,027,000 after acquiring an additional 157 shares during the last quarter. 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.