Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Grows By 17.6%

by · The Markets Daily

Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Free Report) saw a large growth in short interest in 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. Based on an average daily trading volume, of 664,100 shares, the short-interest ratio is presently 2.5 days. Currently, 2.7% of the company’s stock are sold short.

Beacon Roofing Supply Stock Down 2.2 %

BECN traded down $2.20 on Friday, hitting $98.75. 547,549 shares of the company were exchanged, compared to its average volume of 713,779. The firm has a 50-day moving average price of $91.58 and a two-hundred day moving average price of $92.50. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a twelve month low of $77.54 and a twelve month high of $105.84. The company has a market cap of $6.11 billion, a price-to-earnings ratio of 16.88 and a beta of 1.54.

Insider Buying and Selling at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Clement Munroe Best III sold 7,037 shares of Beacon Roofing Supply stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $103.14, for a total transaction of $725,796.18. Following the completion of the sale, the insider now directly owns 69,449 shares in the company, valued at approximately $7,162,969.86. The trade was a 9.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 9,131 shares of the company’s stock, valued at approximately $821,790. This trade represents a 22.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,274 shares of company stock worth $1,526,146. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Beacon Roofing Supply by 14.1% in the first quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock valued at $689,814,000 after buying an additional 872,216 shares during the last quarter. FMR LLC raised its position in shares of Beacon Roofing Supply by 17.6% during the 3rd quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after acquiring an additional 963,633 shares in the last quarter. State Street Corp lifted its stake in 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 last quarter. Boston Partners raised its holdings in Beacon Roofing Supply by 79.6% during the first quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after purchasing an additional 569,627 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its holdings 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 buying an additional 2,607 shares in the last quarter. 98.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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About Beacon Roofing Supply

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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.

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