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

Beacon Roofing Supply, Inc. (NASDAQ:BECN - Get Free Report) was the target of a significant growth in short interest during the month of January. As of January 15th, there was short interest totalling 1,410,000 shares, a growth of 24.8% from the December 31st total of 1,130,000 shares. Currently, 2.3% of the shares of the stock are short sold. Based on an average daily volume of 669,300 shares, the days-to-cover ratio is currently 2.1 days.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Beacon Roofing Supply from a "hold" rating to a "sell" rating in a report on Thursday, January 16th. Benchmark reiterated a "buy" rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a research report on Friday, November 1st. Stephens reaffirmed an "equal weight" rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. BMO Capital Markets upped their price objective on shares of Beacon Roofing Supply from $125.00 to $136.00 and gave the stock an "outperform" rating in a research report on Thursday, January 16th. Finally, Stifel Nicolaus raised their target price on Beacon Roofing Supply from $115.00 to $131.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $121.11.

Insider Activity

In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The stock was 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 owns 6,531 shares in the company, valued at $718,410. This trade represents a 28.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Clement Munroe Best III sold 5,637 shares of the firm's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the transaction, the insider now owns 69,514 shares in the company, valued at $6,984,071.58. This trade represents a 7.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,274 shares of company stock worth $1,578,146 over the last ninety days. 1.30% of the stock is currently owned by insiders.

Institutional Trading of Beacon Roofing Supply

A number of hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE lifted its position in Beacon Roofing Supply by 2.3% during the 3rd quarter. US Bancorp DE now owns 5,255 shares of the company's stock worth $454,000 after acquiring an additional 116 shares during the period. Equitable Trust Co. increased its stake in shares of Beacon Roofing Supply by 1.7% in the 4th quarter. Equitable Trust Co. now owns 7,228 shares of the company's stock valued at $734,000 after purchasing an additional 122 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Beacon Roofing Supply by 7.3% during the 3rd quarter. HighTower Advisors LLC now owns 2,665 shares of the company's stock worth $234,000 after buying an additional 181 shares during the period. Principal Securities Inc. lifted its holdings in Beacon Roofing Supply by 16.5% during the fourth quarter. Principal Securities Inc. now owns 1,381 shares of the company's stock valued at $140,000 after purchasing an additional 196 shares in the last quarter. Finally, Quarry LP boosted its stake in shares of Beacon Roofing Supply by 180.7% in the third 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. 98.45% of the stock is owned by hedge funds and other institutional investors.

Beacon Roofing Supply Price Performance

BECN stock traded down $0.77 during trading on Monday, hitting $117.57. 452,018 shares of the company's stock traded hands, compared to its average volume of 1,166,532. The stock has a market capitalization of $7.28 billion, a price-to-earnings ratio of 20.09 and a beta of 1.61. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $121.22. 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 business has a fifty day simple moving average of $109.03 and a 200 day simple moving average of $97.94.

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.