Beacon Roofing Supply, Inc. (NASDAQ:BECN) Sees Large Drop in Short Interest

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 1,240,000 shares, a decline of 9.5% from the August 31st total of 1,370,000 shares. Based on an average daily volume of 760,800 shares, the days-to-cover ratio is currently 1.6 days. Currently, 2.0% of the shares of the stock are short sold.

Beacon Roofing Supply Stock Down 1.2 %

Shares of NASDAQ BECN traded down $1.05 during trading on Monday, reaching $86.67. 112,953 shares of the stock were exchanged, compared to its average volume of 712,589. The company has a market capitalization of $5.51 billion, a price-to-earnings ratio of -139.24 and a beta of 1.55. The business’s 50-day moving average price is $87.97 and its 200 day moving average price is $92.84. The company has a quick ratio of 1.09, a current ratio of 1.90 and a debt-to-equity ratio of 1.75. Beacon Roofing Supply has a twelve month low of $68.50 and a twelve month high of $105.42.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.69 billion. During the same quarter in the prior year, the firm earned $2.66 EPS. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, equities analysts forecast that Beacon Roofing Supply will post 7.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Royal Bank of Canada dropped their price objective on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Stephens reduced their price objective on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Finally, Robert W. Baird dropped their target price 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 equities research 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $111.30.

Insider Activity at Beacon Roofing Supply

In other news, CFO Prithvi Gandhi acquired 5,000 shares of Beacon Roofing Supply stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired 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 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 can be accessed through this link. In other news, EVP Christopher Carl Nelson sold 1,627 shares of the 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 directly owns 320 shares in the company, valued at approximately $27,200. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Prithvi Gandhi bought 5,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was bought at an average price of $82.29 per share, with a total value of $411,450.00. Following the completion of the acquisition, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $411,450. The disclosure for this purchase can be found here. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Several hedge funds and other institutional investors have recently bought and sold shares of BECN. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Beacon Roofing Supply by 59.0% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,014 shares of the company’s stock valued at $182,000 after buying an additional 747 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Beacon Roofing Supply during the 2nd quarter worth approximately $276,000. Truist Financial Corp acquired a new stake in shares of Beacon Roofing Supply during the 2nd quarter valued at approximately $230,000. Creative Planning lifted its stake in Beacon Roofing Supply by 29.9% during the second quarter. Creative Planning now owns 11,177 shares of the company’s stock worth $1,012,000 after purchasing an additional 2,575 shares during the last quarter. Finally, Algert Global LLC boosted its holdings in Beacon Roofing Supply by 5.5% in the second quarter. Algert Global LLC now owns 135,510 shares of the company’s stock worth $12,264,000 after purchasing an additional 7,087 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

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.