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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 1,280,000 shares, a decrease of 25.6% from the July 15th total of 1,720,000 shares. Currently, 2.1% of the shares of the company are short sold. Based on an average daily volume of 750,900 shares, the days-to-cover ratio is presently 1.7 days.

Beacon Roofing Supply Price Performance

Shares of NASDAQ:BECN traded down $0.86 on Friday, reaching $86.17. The company’s stock had a trading volume of 696,649 shares, compared to its average volume of 733,701. The company has a 50-day simple moving average of $92.86 and a 200 day simple moving average of $92.71. Beacon Roofing Supply has a 52-week low of $68.50 and a 52-week high of $105.42. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.02 and a current ratio of 1.87. The company has a market cap of $5.48 billion, a P/E ratio of -136.78 and a beta of 1.58.

Beacon Roofing Supply (NASDAQ:BECN) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.32 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.47). Beacon Roofing Supply had a return on equity of 25.83% and a net margin of 4.11%. The company had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.69 billion. During the same quarter in the prior year, the business posted $2.66 EPS. The company’s revenue was up 6.8% on a year-over-year basis. As a group, equities research analysts anticipate that Beacon Roofing Supply will post 7.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BECN has been the subject of a number of recent analyst reports. Robert W. Baird dropped their price target on shares of Beacon Roofing Supply from $117.00 to $115.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Truist Financial raised their price target on Beacon Roofing Supply from $90.00 to $95.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Stephens lowered their price objective on Beacon Roofing Supply from $107.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. StockNews.com cut Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Finally, JPMorgan Chase & Co. boosted their price target on Beacon Roofing Supply from $100.00 to $117.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $111.30.

Insider Activity

In other Beacon Roofing Supply news, CFO Prithvi Gandhi bought 5,000 shares of Beacon Roofing Supply stock in a transaction on Wednesday, August 7th. The stock was acquired at an average cost of $82.29 per share, with a total value of $411,450.00. Following the completion of the acquisition, the chief financial officer now owns 5,000 shares in the company, valued at $411,450. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Christopher Carl Nelson sold 2,955 shares of Beacon Roofing Supply stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $91.11, for a total transaction of $269,230.05. Following the transaction, the executive vice president now directly owns 320 shares of the company’s stock, valued at approximately $29,155.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Prithvi Gandhi acquired 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $82.29 per share, with a total value of $411,450.00. Following the completion of the purchase, the chief financial officer now owns 5,000 shares in the company, valued at approximately $411,450. The disclosure for this purchase can be found here. Insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Institutional investors have recently bought and sold shares of the stock. Caprock Group LLC raised its stake in shares of Beacon Roofing Supply by 1.3% in the first quarter. Caprock Group LLC now owns 8,777 shares of the company’s stock valued at $860,000 after acquiring an additional 111 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in Beacon Roofing Supply by 28.4% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 525 shares of the company’s stock worth $52,000 after purchasing an additional 116 shares during the period. Summit Trail Advisors LLC lifted its stake in Beacon Roofing Supply by 1.9% in the fourth quarter. Summit Trail Advisors LLC now owns 6,555 shares of the company’s stock worth $570,000 after purchasing an additional 121 shares during the last quarter. SummerHaven Investment Management LLC boosted its position in shares of Beacon Roofing Supply by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 8,607 shares of the company’s stock valued at $749,000 after buying an additional 129 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its stake in shares of Beacon Roofing Supply by 2.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,538 shares of the company’s stock valued at $501,000 after buying an additional 147 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors.

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.