Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Up 24.8% in January

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw a large increase in short interest in January. As of January 15th, there was short interest totalling 1,410,000 shares, an increase of 24.8% from the December 31st total of 1,130,000 shares. Based on an average trading volume of 669,300 shares, the days-to-cover ratio is presently 2.1 days. Approximately 2.3% of the company’s shares are sold short.

Insider Buying and Selling at Beacon Roofing Supply

In other news, insider Clement Munroe Best III sold 7,037 shares of Beacon Roofing Supply stock in a transaction on Friday, November 8th. The shares were sold at an average price of $103.14, for a total transaction of $725,796.18. Following the completion of the sale, the insider now directly owns 69,449 shares of the company’s stock, valued at approximately $7,162,969.86. The trade was a 9.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the transaction, the insider now directly owns 6,531 shares in the company, valued at $718,410. This trade represents a 28.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,274 shares of company stock valued at $1,578,146 in the last three months. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beacon Roofing Supply

A number of large investors have recently bought and sold shares of the stock. Quarry LP raised its holdings in shares of Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares during the last quarter. Blue Trust Inc. raised its stake in Beacon Roofing Supply by 222.1% in the 3rd quarter. Blue Trust Inc. now owns 306 shares of the company’s stock valued at $28,000 after purchasing an additional 211 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Beacon Roofing Supply in the 3rd quarter valued at about $28,000. GAMMA Investing LLC lifted its holdings in Beacon Roofing Supply by 154.0% in the 3rd quarter. GAMMA Investing LLC now owns 734 shares of the company’s stock valued at $63,000 after purchasing an additional 445 shares in the last quarter. Finally, Central Pacific Bank Trust Division boosted its stake in shares of Beacon Roofing Supply by 66.7% during the 3rd quarter. Central Pacific Bank Trust Division now owns 1,250 shares of the company’s stock worth $108,000 after purchasing an additional 500 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on BECN shares. JPMorgan Chase & Co. upped their price objective 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. BMO Capital Markets raised their target price on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an “outperform” rating in a research report on Thursday, January 16th. StockNews.com cut shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research note on Thursday, January 16th. Benchmark restated a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Finally, Zelman & Associates lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Beacon Roofing Supply presently has a consensus rating of “Moderate Buy” and a consensus target price of $121.11.

Beacon Roofing Supply Price Performance

Shares of NASDAQ:BECN traded up $0.74 during midday trading on Thursday, hitting $119.14. 1,028,978 shares of the stock were exchanged, compared to its average volume of 1,223,894. Beacon Roofing Supply has a twelve month low of $77.54 and a twelve month high of $121.22. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The company has a 50 day moving average price of $108.90 and a 200-day moving average price of $97.83. The stock has a market cap of $7.37 billion, a P/E ratio of 20.37 and a beta of 1.61.

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.