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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a significant decrease in short interest during the month of February. As of February 15th, there was short interest totalling 1,050,000 shares, a decrease of 17.3% from the January 31st total of 1,270,000 shares. Based on an average daily trading volume, of 791,800 shares, the short-interest ratio is currently 1.3 days. Currently, 1.7% of the shares of the company are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BECN. Quarry LP increased its holdings in Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in shares of Beacon Roofing Supply in the third quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of Beacon Roofing Supply during the fourth quarter worth about $31,000. Johnson Financial Group Inc. acquired a new position in shares of Beacon Roofing Supply during the 4th quarter worth about $54,000. Finally, PNC Financial Services Group Inc. raised 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 worth $60,000 after purchasing an additional 163 shares during the last quarter. Hedge funds and other institutional investors own 98.45% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on BECN. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a research report on Saturday. They set a “sell” rating for the company. Stephens reissued an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Benchmark reaffirmed a “buy” rating and issued a $140.00 price target on shares of Beacon Roofing Supply in a report on Monday. JPMorgan Chase & Co. lifted their price objective 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, BMO Capital Markets decreased their price objective on Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $119.95.

Beacon Roofing Supply Trading Down 1.2 %

Shares of Beacon Roofing Supply stock opened at $111.51 on Wednesday. Beacon Roofing Supply has a fifty-two week low of $77.54 and a fifty-two week high of $121.42. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91. The company has a market cap of $6.87 billion, a P/E ratio of 19.06 and a beta of 1.62. The firm has a 50-day simple moving average of $113.00 and a two-hundred day simple moving average of $101.95.

Beacon Roofing Supply (NASDAQ:BECN) last released 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). Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. As a group, equities analysts predict that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

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.