Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Update

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 1,720,000 shares, a growth of 62.3% from the March 31st total of 1,060,000 shares. Based on an average daily trading volume, of 2,320,000 shares, the days-to-cover ratio is presently 0.7 days. Approximately 2.8% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. StockNews.com assumed coverage on shares of Beacon Roofing Supply in a research note on Sunday. They set a "sell" rating on the stock. Robert W. Baird increased their price objective on Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an "outperform" rating in a research report on Friday, February 28th. William Blair reiterated a "market perform" rating on shares of Beacon Roofing Supply in a research report on Thursday, March 20th. Loop Capital reiterated a "hold" rating and issued a $124.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, March 21st. Finally, Royal Bank of Canada cut shares of Beacon Roofing Supply from an "outperform" rating to a "sector perform" rating and raised their price target for the stock from $124.00 to $124.35 in a research note on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $124.78.

Beacon Roofing Supply Price Performance

Beacon Roofing Supply stock remained flat at $124.17 during midday trading on Friday. The stock has a 50 day moving average of $121.27 and a 200-day moving average of $112.70. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a 12-month low of $77.54 and a 12-month high of $124.31. The company has a market capitalization of $7.67 billion, a P/E ratio of 21.23 and a beta of 1.31.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported $1.65 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.66 by ($0.01). The firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. On average, sell-side analysts expect that Beacon Roofing Supply will post 7.22 EPS for the current year.

Insider Transactions at Beacon Roofing Supply

In related news, insider Clement Munroe Best III sold 29,724 shares of the stock in a transaction on Friday, April 4th. The stock was sold at an average price of $123.05, for a total value of $3,657,538.20. Following the completion of the transaction, the insider now directly owns 87,943 shares of the company's stock, valued at approximately $10,821,386.15. This represents a 25.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jonathan Stuart Bennett sold 8,487 shares of the business's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $122.14, for a total value of $1,036,602.18. Following the transaction, the insider now owns 22,642 shares in the company, valued at approximately $2,765,493.88. This represents a 27.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,806 shares of company stock worth $6,745,448 over the last quarter. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Beacon Roofing Supply

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Beacon Roofing Supply by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,509,495 shares of the company's stock worth $661,235,000 after purchasing an additional 24,027 shares in the last quarter. Boston Partners raised its holdings in Beacon Roofing Supply by 1.3% in the 4th quarter. Boston Partners now owns 4,531,106 shares of the company's stock worth $462,417,000 after acquiring an additional 59,630 shares during the period. Frontier Capital Management Co. LLC lifted its holdings in shares of Beacon Roofing Supply by 16.0% during the fourth quarter. Frontier Capital Management Co. LLC now owns 2,384,793 shares of the company's stock worth $242,247,000 after buying an additional 329,047 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Beacon Roofing Supply by 7.4% in the fourth quarter. Invesco Ltd. now owns 1,248,349 shares of the company's stock valued at $126,807,000 after buying an additional 86,209 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in Beacon Roofing Supply by 6.8% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,052,274 shares of the company's stock worth $130,166,000 after buying an additional 67,075 shares in the last quarter. 98.45% of the stock is currently owned by institutional investors and hedge funds.

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.