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

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Royal Bank of Canada raised their price objective on Beacon Roofing Supply from $113.00 to $114.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. raised their price target on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Robert W. Baird boosted their price target on Beacon Roofing Supply from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Stifel Nicolaus increased their price objective on shares of Beacon Roofing Supply from $115.00 to $131.00 and gave the company a “buy” rating in a research report on Friday. Finally, StockNews.com downgraded shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $121.11.

Insider Buying and Selling

In other news, insider Jason L. Taylor sold 2,600 shares of Beacon Roofing Supply stock in a transaction that occurred 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 transaction, the insider now owns 6,531 shares of the company’s stock, valued at $718,410. The trade was a 28.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Clement Munroe Best III sold 7,037 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 69,449 shares of the company’s stock, valued at $7,162,969.86. The trade was a 9.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,274 shares of company stock valued at $1,578,146 over the last 90 days. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Beacon Roofing Supply by 17.6% in the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after purchasing an additional 963,633 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Beacon Roofing Supply by 1,449.0% in the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after acquiring an additional 575,852 shares in the last quarter. Citigroup Inc. increased its position in shares of Beacon Roofing Supply by 1,192.1% during the third quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock worth $44,398,000 after acquiring an additional 473,937 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of Beacon Roofing Supply in the second quarter valued at $39,606,000. Finally, 140 Summer Partners LP purchased a new position in Beacon Roofing Supply in the third quarter valued at $29,343,000. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Beacon Roofing Supply Trading Up 1.2 %

NASDAQ:BECN traded up $1.32 on Friday, hitting $115.92. The stock had a trading volume of 1,159,010 shares, compared to its average volume of 456,673. The company has a fifty day moving average price of $106.65 and a two-hundred day moving average price of $96.12. Beacon Roofing Supply has a 1-year low of $77.54 and a 1-year high of $121.22. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The stock has a market cap of $7.17 billion, a price-to-earnings ratio of 19.82 and a beta of 1.61.

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.