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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 1,270,000 shares, a decrease of 24.0% from the January 15th total of 1,670,000 shares. Currently, 2.1% of the company’s shares are sold short. Based on an average trading volume of 869,700 shares, the days-to-cover ratio is presently 1.5 days.

Insider Activity

In other news, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $110.00, for a total transaction of $286,000.00. Following the transaction, the insider now owns 6,531 shares of the company’s stock, valued at $718,410. This represents a 28.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

Several large investors have recently modified their holdings of BECN. Mirabella Financial Services LLP bought a new position in shares of Beacon Roofing Supply during the fourth quarter worth about $218,000. MetLife Investment Management LLC increased its position in shares of Beacon Roofing Supply by 1.3% during the 4th quarter. MetLife Investment Management LLC now owns 37,188 shares of the company’s stock worth $3,778,000 after purchasing an additional 460 shares during the last quarter. First Trust Advisors LP increased its position in shares of Beacon Roofing Supply by 13.9% during the 4th quarter. First Trust Advisors LP now owns 42,179 shares of the company’s stock worth $4,285,000 after purchasing an additional 5,140 shares during the last quarter. Forum Financial Management LP acquired a new position in shares of Beacon Roofing Supply during the 4th quarter worth approximately $224,000. Finally, Marshall Wace LLP increased its position in shares of Beacon Roofing Supply by 10,326.8% during the 4th quarter. Marshall Wace LLP now owns 289,866 shares of the company’s stock worth $29,445,000 after purchasing an additional 287,086 shares during the last quarter. 98.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BECN shares. BMO Capital Markets upped their price target on Beacon Roofing Supply from $125.00 to $136.00 and gave the company an “outperform” rating in a research note on Thursday, January 16th. StockNews.com started coverage on Beacon Roofing Supply in a research note on Thursday. They set a “sell” rating on the stock. Benchmark reaffirmed a “buy” rating and set a $140.00 price target on shares of Beacon Roofing Supply in a research note on Friday, November 1st. JPMorgan Chase & Co. increased their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada increased their target price on Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply presently has an average rating of “Hold” and a consensus price target of $120.17.

Beacon Roofing Supply Stock Up 0.3 %

Shares of Beacon Roofing Supply stock opened at $119.57 on Friday. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $121.42. The business has a 50-day moving average of $109.99 and a two-hundred day moving average of $99.10. The company has a market capitalization of $7.40 billion, a P/E ratio of 20.44 and a beta of 1.62. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

About Beacon Roofing Supply

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.