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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 1,030,000 shares, a drop of 7.2% from the March 31st total of 1,110,000 shares. Approximately 1.6% of the company’s shares are sold short. Based on an average trading volume of 652,900 shares, the short-interest ratio is currently 1.6 days.

Beacon Roofing Supply Stock Performance

NASDAQ BECN traded down $0.53 on Monday, hitting $98.47. 172,964 shares of the stock traded hands, compared to its average volume of 698,909. The business’s fifty day moving average is $92.59 and its two-hundred day moving average is $85.25. Beacon Roofing Supply has a 12 month low of $57.01 and a 12 month high of $102.83. The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of -210.81 and a beta of 1.63. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.06 and a current ratio of 1.85.

Beacon Roofing Supply (NASDAQ:BECN) last posted its earnings results on Tuesday, February 27th. The company reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.22). The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.27 billion. Beacon Roofing Supply had a return on equity of 26.95% and a net margin of 4.74%. The company’s revenue was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.18 EPS. As a group, equities analysts anticipate that Beacon Roofing Supply will post 7.8 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on BECN. BMO Capital Markets lifted their price target on shares of Beacon Roofing Supply from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. TheStreet raised shares of Beacon Roofing Supply from a “c” rating to a “b-” rating in a research note on Tuesday, February 27th. William Blair raised shares of Beacon Roofing Supply from a “market perform” rating to an “outperform” rating in a research note on Monday, January 8th. Loop Capital lifted their price target on shares of Beacon Roofing Supply from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Beacon Roofing Supply from $103.00 to $97.00 and set an “overweight” rating for the company in a research note on Thursday, January 11th. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Beacon Roofing Supply has an average rating of “Moderate Buy” and a consensus price target of $102.92.

Insider Activity

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 completion of the transaction, the executive vice president now owns 176 shares of the company’s stock, valued at $16,521.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Christopher Carl Nelson sold 3,268 shares of Beacon Roofing Supply 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 completion of the transaction, the executive vice president now owns 176 shares of the company’s stock, valued at $16,521.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jason L. Taylor sold 1,805 shares of Beacon Roofing Supply stock in a transaction on Thursday, March 21st. The stock was 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 approximately $1,000,445. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Beacon Roofing Supply

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Beacon Roofing Supply by 19.3% in the third quarter. Vanguard Group Inc. now owns 5,625,482 shares of the company’s stock worth $434,118,000 after buying an additional 909,819 shares in the last quarter. Norges Bank purchased a new stake in shares of Beacon Roofing Supply in the fourth quarter worth $59,850,000. Intrinsic Edge Capital Management LLC purchased a new stake in shares of Beacon Roofing Supply in the fourth quarter worth $33,416,000. Acadian Asset Management LLC raised its position in shares of Beacon Roofing Supply by 4,518.3% in the third quarter. Acadian Asset Management LLC now owns 356,902 shares of the company’s stock worth $27,527,000 after buying an additional 349,174 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its position in shares of 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 worth $185,051,000 after buying an additional 314,102 shares in the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

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.