Beacon Roofing Supply, Inc. (BECN) Sees Significant Decline in Short Interest

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw a large decline in short interest in January. As of January 31st, there was short interest totalling 987,951 shares, a decline of 37.0% from the January 12th total of 1,568,220 shares. Based on an average daily trading volume, of 560,176 shares, the short-interest ratio is currently 1.8 days. Currently, 1.5% of the shares of the stock are short sold.

A number of equities research analysts recently weighed in on the company. Wedbush restated an “outperform” rating and set a $52.00 price objective (down previously from $70.00) on shares of Beacon Roofing Supply in a research report on Tuesday. BidaskClub lowered Beacon Roofing Supply from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Citigroup reduced their price objective on Beacon Roofing Supply from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, February 9th. Royal Bank of Canada set a $66.00 price objective on Beacon Roofing Supply and gave the stock a “buy” rating in a research report on Friday, February 9th. Finally, Robert W. Baird restated an “outperform” rating and set a $70.00 price objective (up previously from $55.00) on shares of Beacon Roofing Supply in a research report on Tuesday, November 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Beacon Roofing Supply currently has an average rating of “Buy” and a consensus target price of $60.45.

In related news, EVP Ross D. Cooper sold 2,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $59.75, for a total transaction of $119,500.00. Following the sale, the executive vice president now owns 7,056 shares in the company, valued at approximately $421,596. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Paul Isabella sold 40,000 shares of the business’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $60.57, for a total value of $2,422,800.00. Following the sale, the chief executive officer now owns 172,046 shares in the company, valued at approximately $10,420,826.22. The disclosure for this sale can be found here. 0.77% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cerebellum GP LLC bought a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at about $130,000. Zions Bancorporation bought a new stake in shares of Beacon Roofing Supply in the 3rd quarter valued at about $124,000. CAPROCK Group Inc. bought a new stake in shares of Beacon Roofing Supply in the 4th quarter valued at about $212,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Beacon Roofing Supply by 95.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,861 shares of the company’s stock valued at $246,000 after buying an additional 1,886 shares during the last quarter. Finally, Advisor Group Inc. grew its position in shares of Beacon Roofing Supply by 8.9% in the 2nd quarter. Advisor Group Inc. now owns 3,877 shares of the company’s stock valued at $190,000 after buying an additional 316 shares during the last quarter. Hedge funds and other institutional investors own 99.69% of the company’s stock.

Beacon Roofing Supply (BECN) traded down $0.29 during midday trading on Wednesday, hitting $54.14. The company’s stock had a trading volume of 987,630 shares, compared to its average volume of 798,307. Beacon Roofing Supply has a 1 year low of $39.57 and a 1 year high of $66.47. The company has a market cap of $3,712.73, a price-to-earnings ratio of 23.87, a PEG ratio of 0.81 and a beta of 1.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.06 and a quick ratio of 1.35.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.14. Beacon Roofing Supply had a return on equity of 10.15% and a net margin of 3.29%. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the company posted $0.56 EPS. The business’s revenue was up 12.0% on a year-over-year basis. analysts forecast that Beacon Roofing Supply will post 3.58 earnings per share for the current year.

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Beacon Roofing Supply Company Profile

Beacon Roofing Supply, Inc is engaged in the distribution of residential and non-residential roofing materials in the United States and Canada. It also distributes complementary building products for residential and non-residential building exteriors. Its product portfolio includes residential roofing products, non-residential roofing products and complementary building products.

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