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

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) was the recipient of a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 980,000 shares, a growth of 27.6% from the February 28th total of 768,100 shares. Based on an average trading volume of 1,510,000 shares, the days-to-cover ratio is presently 0.6 days. Currently, 1.6% of the company's shares are sold short.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of hedge funds have recently bought and sold shares of BECN. SBI Securities Co. Ltd. bought a new position in shares of Beacon Roofing Supply in the fourth quarter worth approximately $31,000. Quarry LP raised 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 during the last quarter. Versant Capital Management Inc lifted its position in Beacon Roofing Supply by 133.7% in the 1st quarter. Versant Capital Management Inc now owns 388 shares of the company's stock valued at $48,000 after acquiring an additional 222 shares in the last quarter. Johnson Financial Group Inc. purchased a new stake in Beacon Roofing Supply during the 4th quarter valued at $54,000. Finally, PNC Financial Services Group Inc. boosted its stake in 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 purchasing an additional 163 shares during the last quarter. Institutional investors own 98.45% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BECN shares. Loop Capital reiterated a "hold" rating and set a $124.00 target price on shares of Beacon Roofing Supply in a report on Friday, March 21st. BMO Capital Markets dropped 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, March 4th. Benchmark reissued a "buy" rating and set a $140.00 target price on shares of Beacon Roofing Supply in a research note on Monday, March 3rd. Baird R W lowered Beacon Roofing Supply from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 20th. Finally, StockNews.com initiated coverage on shares of Beacon Roofing Supply in a report on Wednesday. They issued a "sell" rating on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Beacon Roofing Supply has an average rating of "Hold" and an average target price of $122.10.

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Beacon Roofing Supply Stock Down 1.0 %

BECN traded down $1.21 during midday trading on Friday, reaching $122.43. The company's stock had a trading volume of 7,914,184 shares, compared to its average volume of 1,051,952. Beacon Roofing Supply has a 1 year low of $77.54 and a 1 year high of $123.90. The stock's 50-day moving average is $119.17 and its 200-day moving average is $107.31. The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of 20.93 and a beta of 1.31. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

Beacon Roofing Supply (NASDAQ:BECN - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.43 billion. As a group, research analysts expect that Beacon Roofing Supply will post 7.22 EPS for the current 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.