Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Up 192.2% in May

Beacon Roofing Supply, Inc. (NASDAQ:BECNGet Free Report) saw a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 3,010,000 shares, an increase of 192.2% from the April 30th total of 1,030,000 shares. Based on an average daily volume of 659,900 shares, the days-to-cover ratio is presently 4.6 days. Currently, 4.8% of the shares of the company are sold short.

Beacon Roofing Supply Stock Down 1.1 %

Shares of BECN traded down $1.04 during trading hours on Wednesday, hitting $95.47. 126,149 shares of the stock were exchanged, compared to its average volume of 695,203. The company has a quick ratio of 1.02, a current ratio of 1.87 and a debt-to-equity ratio of 1.47. Beacon Roofing Supply has a 12-month low of $63.42 and a 12-month high of $103.75. The stock’s 50-day moving average price is $96.65 and its two-hundred day moving average price is $88.79.

Beacon Roofing Supply (NASDAQ:BECNGet Free Report) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.06. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.88 billion. Beacon Roofing Supply had a return on equity of 26.39% and a net margin of 4.47%. Sell-side analysts forecast that Beacon Roofing Supply will post 7.8 EPS for the current year.

Insider Buying and Selling

In other Beacon Roofing Supply news, EVP Christopher Carl Nelson sold 3,268 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total value of $306,767.16. Following the completion of the transaction, the executive vice president now directly owns 176 shares in the company, valued at $16,521.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Christopher Carl Nelson sold 3,268 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $93.87, for a total transaction of $306,767.16. Following the sale, the executive vice president now directly owns 176 shares in the company, valued at approximately $16,521.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jason L. Taylor sold 1,805 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $95.00, for a total transaction of $171,475.00. Following the transaction, the insider now directly owns 10,531 shares of the company’s stock, valued at $1,000,445. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Several large investors have recently modified their holdings of BECN. Teacher Retirement System of Texas raised its holdings in shares of Beacon Roofing Supply by 87.1% in the 4th quarter. Teacher Retirement System of Texas now owns 49,733 shares of the company’s stock valued at $4,328,000 after buying an additional 23,149 shares during the period. National Bank of Canada FI purchased a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at $2,439,000. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Beacon Roofing Supply by 4.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 662,657 shares of the company’s stock valued at $57,665,000 after buying an additional 27,185 shares during the period. Deutsche Bank AG raised its holdings in shares of Beacon Roofing Supply by 25.2% in the 3rd quarter. Deutsche Bank AG now owns 30,866 shares of the company’s stock valued at $2,382,000 after buying an additional 6,210 shares during the period. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Beacon Roofing Supply in the 3rd quarter valued at $6,442,000. Institutional investors and hedge funds own 98.45% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. TheStreet upgraded Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. Robert W. Baird increased their price objective on Beacon Roofing Supply from $115.00 to $117.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. StockNews.com lowered Beacon Roofing Supply from a “buy” rating to a “hold” rating in a report on Monday, May 6th. BMO Capital Markets increased their price objective on Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. Finally, Truist Financial increased their price objective on Beacon Roofing Supply from $90.00 to $95.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $109.45.

Read Our Latest Analysis on BECN

About Beacon Roofing Supply

(Get Free Report)

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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