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

Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 1,840,000 shares, a decline of 23.7% from the October 15th total of 2,410,000 shares. Based on an average daily trading volume, of 648,300 shares, the short-interest ratio is presently 2.8 days. Approximately 3.7% of the shares of the company are short sold.

Insider Transactions at Beacon Roofing Supply

In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, bought 105,320 shares of the business’s stock in a transaction dated Friday, October 28th. The shares were purchased at an average price of $56.97 per share, for a total transaction of $6,000,080.40. Following the purchase, the insider now directly owns 14,964,899 shares of the company’s stock, valued at $852,550,296.03. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other news, major shareholder Cd&R Investment Associates Ix, acquired 105,320 shares of the company’s stock in a transaction that occurred on Friday, October 28th. The shares were acquired at an average price of $56.97 per share, for a total transaction of $6,000,080.40. Following the completion of the purchase, the insider now owns 14,964,899 shares in the company, valued at $852,550,296.03. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason L. Taylor sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $57.30, for a total value of $229,200.00. Following the completion of the transaction, the insider now owns 5,937 shares in the company, valued at approximately $340,190.10. The disclosure for this sale can be found here. Company insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC bought a new position in Beacon Roofing Supply in the first quarter valued at $136,000. FourThought Financial LLC increased its stake in Beacon Roofing Supply by 10.2% in the first quarter. FourThought Financial LLC now owns 2,657 shares of the company’s stock valued at $158,000 after acquiring an additional 245 shares during the last quarter. Iridian Asset Management LLC CT increased its stake in Beacon Roofing Supply by 2.6% in the first quarter. Iridian Asset Management LLC CT now owns 961,200 shares of the company’s stock valued at $56,980,000 after acquiring an additional 24,628 shares during the last quarter. Jackson Creek Investment Advisors LLC increased its stake in Beacon Roofing Supply by 6.7% in the first quarter. Jackson Creek Investment Advisors LLC now owns 23,155 shares of the company’s stock valued at $1,373,000 after acquiring an additional 1,446 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its stake in Beacon Roofing Supply by 24.8% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 621,115 shares of the company’s stock valued at $36,820,000 after acquiring an additional 123,395 shares during the last quarter.

Beacon Roofing Supply Price Performance

Shares of Beacon Roofing Supply stock traded up $0.93 during trading on Friday, hitting $59.04. The stock had a trading volume of 551,683 shares, compared to its average volume of 756,208. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 10.85 and a beta of 1.63. Beacon Roofing Supply has a 12 month low of $45.71 and a 12 month high of $65.30. The business’s 50-day moving average is $55.29 and its 200 day moving average is $57.14. The company has a current ratio of 1.92, a quick ratio of 1.02 and a debt-to-equity ratio of 1.01.

Analyst Ratings Changes

Several research firms have issued reports on BECN. Deutsche Bank Aktiengesellschaft dropped their target price on Beacon Roofing Supply from $90.00 to $79.00 and set a “buy” rating on the stock in a research report on Thursday, October 20th. StockNews.com began coverage on Beacon Roofing Supply in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Robert W. Baird downgraded Beacon Roofing Supply from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $77.00 to $65.00 in a research report on Friday, October 14th. Royal Bank of Canada dropped their target price on Beacon Roofing Supply from $59.00 to $54.00 and set a “sector perform” rating on the stock in a research report on Monday, November 7th. Finally, William Blair downgraded Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 19th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $61.75.

Beacon Roofing Supply Company Profile

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Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers. It 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.

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