Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Drops By 9.5%

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

Insider Transactions at Beacon Roofing Supply

In other news, CFO Prithvi Gandhi bought 5,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was bought at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the acquisition, the chief financial officer now directly owns 5,000 shares in the company, valued at approximately $411,450. The purchase was disclosed in a document filed with the SEC, which is available at this link. In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 1,627 shares of the company’s 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 sale, the executive vice president now directly owns 320 shares of the company’s stock, valued at $27,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Prithvi Gandhi purchased 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $82.29 per share, for a total transaction of $411,450.00. Following the completion of the purchase, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $411,450. The disclosure for this purchase can be found here. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BECN. Vanguard Group Inc. raised its stake in shares of Beacon Roofing Supply by 14.1% during the 1st quarter. Vanguard Group Inc. now owns 7,037,483 shares of the company’s stock worth $689,814,000 after acquiring an additional 872,216 shares in the last quarter. Frontier Capital Management Co. LLC grew its holdings in Beacon Roofing Supply by 17.3% in the fourth quarter. Frontier Capital Management Co. LLC now owns 2,126,533 shares of the company’s stock valued at $185,051,000 after purchasing an additional 314,102 shares during the period. Fiduciary Management Inc. WI raised its position in Beacon Roofing Supply by 4.0% during the fourth quarter. Fiduciary Management Inc. WI now owns 1,888,614 shares of the company’s stock worth $164,347,000 after acquiring an additional 72,472 shares during the period. Boston Partners boosted its holdings in Beacon Roofing Supply by 79.6% in the 1st quarter. Boston Partners now owns 1,285,239 shares of the company’s stock worth $126,082,000 after buying an additional 569,627 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in Beacon Roofing Supply by 6.4% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 811,047 shares of the company’s stock valued at $73,400,000 after purchasing an additional 49,040 shares in the last quarter. Institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Stock Performance

BECN stock traded up $0.17 on Friday, hitting $87.72. The company had a trading volume of 484,992 shares, compared to its average volume of 715,664. The stock’s 50-day simple moving average is $87.97 and its 200 day simple moving average is $92.75. Beacon Roofing Supply has a 12-month low of $68.50 and a 12-month high of $105.42. The company has a current ratio of 1.90, a quick ratio of 1.09 and a debt-to-equity ratio of 1.75. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of -139.24 and a beta of 1.55.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings data on Thursday, August 1st. The company reported $2.32 earnings per share (EPS) 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 company had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.69 billion. During the same period last year, the business earned $2.66 earnings per share. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. As a group, equities research analysts expect that Beacon Roofing Supply will post 7.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Royal Bank of Canada reduced their price target on Beacon Roofing Supply from $119.00 to $113.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Robert W. Baird dropped their price target on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Finally, Stephens reduced their price target on shares of 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. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Beacon Roofing Supply has an average rating of “Moderate Buy” and a consensus target price of $111.30.

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.