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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 768,100 shares, a drop of 26.8% from the February 13th total of 1,050,000 shares. Approximately 1.3% of the company’s stock are sold short. Based on an average daily volume of 870,900 shares, the days-to-cover ratio is presently 0.9 days.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. StockNews.com began coverage on shares of Beacon Roofing Supply in a report on Sunday, March 9th. They set a “sell” rating on the stock. BMO Capital Markets decreased their target price on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird boosted their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Stifel Nicolaus downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and cut their target price for the company from $131.00 to $122.55 in a research note on Friday, February 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $119.95.

Beacon Roofing Supply Stock Performance

BECN traded up $0.37 on Friday, hitting $118.34. The company had a trading volume of 869,527 shares, compared to its average volume of 741,693. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $121.42. The stock has a market cap of $7.29 billion, a price-to-earnings ratio of 20.23 and a beta of 1.63. The company’s fifty day moving average price is $115.41 and its 200 day moving average price is $103.43. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. Equities analysts predict that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beacon Roofing Supply

Hedge funds and other institutional investors have recently bought and sold shares of the company. Equitable Trust Co. increased its position in shares of Beacon Roofing Supply by 1.7% during the 4th quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock worth $734,000 after purchasing an additional 122 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock valued at $73,000 after acquiring an additional 150 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Beacon Roofing Supply by 38.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock valued at $60,000 after acquiring an additional 163 shares during the period. Cornerstone Investment Partners LLC raised its holdings in shares of Beacon Roofing Supply by 3.6% during the 4th quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock worth $480,000 after buying an additional 166 shares in the last quarter. Finally, HighTower Advisors LLC raised its holdings in shares of Beacon Roofing Supply by 7.3% during the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock worth $234,000 after buying an additional 181 shares in the last quarter. Institutional investors and hedge funds 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.