Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Down 11.5% in November

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) saw a large decline in short interest in November. As of November 30th, there was short interest totalling 1,390,000 shares, a decline of 11.5% from the November 15th total of 1,570,000 shares. Based on an average daily trading volume, of 719,600 shares, the days-to-cover ratio is currently 1.9 days. Currently, 2.3% of the shares of the stock are sold short.

Insider Activity at Beacon Roofing Supply

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $110.00, for a total transaction of $286,000.00. Following the completion of the sale, the insider now directly owns 6,531 shares of the company's stock, valued at $718,410. This trade represents a 28.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Clement Munroe Best III sold 7,037 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $103.14, for a total transaction of $725,796.18. Following the completion of the transaction, the insider now directly owns 69,449 shares in the company, valued at $7,162,969.86. This trade represents a 9.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,874 shares of company stock worth $1,812,146. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company's stock valued at $556,253,000 after buying an additional 963,633 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Beacon Roofing Supply by 1,449.0% during the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company's stock valued at $53,205,000 after acquiring an additional 575,852 shares during the period. Citigroup Inc. grew its position in Beacon Roofing Supply by 1,192.1% in the 3rd quarter. Citigroup Inc. now owns 513,692 shares of the company's stock valued at $44,398,000 after acquiring an additional 473,937 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in Beacon Roofing Supply in the second quarter worth $39,606,000. Finally, 140 Summer Partners LP bought a new stake in shares of Beacon Roofing Supply during the third quarter worth $29,343,000. 98.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BECN shares. Benchmark restated a "buy" rating and set a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Stephens restated an "equal weight" rating and set a $103.00 price target on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. JPMorgan Chase & Co. lifted their price objective on Beacon Roofing Supply from $119.00 to $136.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 19th. Robert W. Baird increased their target price on Beacon Roofing Supply from $115.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada raised their target price on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $118.00.

Beacon Roofing Supply Trading Down 1.5 %

BECN traded down $1.60 during trading on Friday, reaching $106.35. The company had a trading volume of 394,031 shares, compared to its average volume of 716,486. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $116.30. The stock has a market cap of $6.58 billion, a P/E ratio of 18.18 and a beta of 1.59. The business has a 50 day simple moving average of $102.03 and a 200-day simple moving average of $94.57.

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.

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