Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Drops By 11.5%

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw a significant decrease in short interest in November. As of November 30th, there was short interest totalling 1,390,000 shares, a decrease of 11.5% from the November 15th total of 1,570,000 shares. Based on an average daily volume of 719,600 shares, the days-to-cover ratio is presently 1.9 days. Currently, 2.3% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Benchmark reaffirmed a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Friday, November 1st. JPMorgan Chase & Co. raised their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Robert W. Baird lifted their target price on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Royal Bank of Canada upped their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Stephens reaffirmed an “equal weight” rating and issued a $103.00 price objective on shares of Beacon Roofing Supply in a research note on Tuesday, November 19th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Beacon Roofing Supply has an average rating of “Moderate Buy” and a consensus target price of $118.00.

Insider Transactions at Beacon Roofing Supply

In related news, insider Clement Munroe Best III sold 7,037 shares of the firm’s 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. This trade represents a 9.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the transaction, the insider now directly owns 6,531 shares in the company, valued at $718,410. This represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,874 shares of company stock valued at $1,812,146. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Beacon Roofing Supply

A number of institutional investors have recently added to or reduced their stakes in BECN. FMR LLC increased its stake 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 purchasing an additional 963,633 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Beacon Roofing Supply by 1,449.0% in the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after purchasing an additional 575,852 shares in the last quarter. Citigroup Inc. increased its position in Beacon Roofing Supply by 1,192.1% during the third quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after buying an additional 473,937 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in Beacon Roofing Supply during the second quarter worth $39,606,000. Finally, 140 Summer Partners LP bought a new position in Beacon Roofing Supply during the third quarter valued at about $29,343,000. 98.45% of the stock is currently owned by institutional investors and hedge funds.

Beacon Roofing Supply Stock Down 0.2 %

Shares of NASDAQ BECN traded down $0.21 during trading hours on Tuesday, hitting $105.09. The stock had a trading volume of 92,653 shares, compared to its average volume of 714,039. The firm’s 50-day moving average price is $102.23 and its two-hundred day moving average price is $94.63. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $116.30. The company has a market capitalization of $6.50 billion, a P/E ratio of 17.84 and a beta of 1.59. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

Beacon Roofing Supply Company Profile

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.