Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) benefited from a sharp drop in short-term interest during October. As of October 31, there was short interest totaling 1,840,000 shares, a decrease of 23.7% from the total of 2,410,000 shares as of October 15. Based on an average daily trading volume of 648,300 shares, the short-term interest rate ratio is currently 2.8 days. Approximately 3.7% of the company’s shares are sold short.
Insider Trading at Beacon Roofing Supply
In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix purchased 105,320 shares of the company in a trade dated Friday, October 28. 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, valued at $852,550,296.03. The acquisition was disclosed in a legal filing with the SEC, which is available via this link. Separately, major shareholder Cd&R Investment Associates Ix acquired 105,320 shares of the company in a transaction that took place on Friday, October 28. 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 of the company, valued at $852,550,296.03. The purchase was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. Additionally, insider Jason L. Taylor sold 4,000 shares of the company in a trade that took place on Monday, September 12. 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 of the company, valued at approximately $340,190.10. The disclosure of this sale can be found here. Insiders of the company own 0.95% of the shares of the company.
Institutional entries and exits
Institutional investors have recently changed their positions in the company. Nisa Investment Advisors LLC bought a new position in Beacon Roofing Supply in the first quarter worth $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 valued at $158,000 after acquiring 245 additional shares in 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 valued at $56,980,000 after acquiring 24,628 additional shares in 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 valued at $1,373,000 after acquiring 1,446 additional shares in the last quarter. Finally, Vaughan Nelson Investment Management LP increased its stake in Beacon Roofing Supply by 24.8% in the first quarter. Vaughan Nelson Investment Management LP now owns 621,115 shares of the company valued at $36,820,000 after acquiring an additional 123,395 shares in the last quarter.
Beacon Roofing Supply Price Performance
Shares of Beacon Roofing Supply rose $0.93 during Friday trading, hitting $59.04. The stock had a trading volume of 551,683 shares, compared to an average volume of 756,208. The company has a market capitalization of $3.84 billion, a price-earnings ratio of 10.85 and a beta of 1 .63. Beacon Roofing Supply has a 12 month minimum of $45.71 and a 12 month maximum of $65.30. The company’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 ratio of 1.01.
Changes to analyst ratings
Several research companies have published reports on BECN. Deutsche Bank Aktiengesellschaft lowered its price target on Beacon Roofing Supply from $90.00 to $79.00 and set a “buy” rating on the stock in a Thursday, October 20 research report. StockNews.com began covering Beacon Roofing Supply in a research report on Wednesday, October 12. They have set a “holding” rating on the stock. Robert W. Baird downgraded Beacon Roofing Supply from an “outperforming” rating to a “neutral” rating and lowered its target price for the stock from $77.00 to $65.00 in a research report on Friday the 14th october. Royal Bank of Canada lowered its price target on Beacon Roofing Supply from $59.00 to $54.00 and issued an “industry performance” rating on the stock in a research report on Monday, November 7. Finally, William Blair downgraded Beacon Roofing Supply from an “outperforming” rating to a “market performing” rating in a Tuesday, July 19 research report. Eight investment analysts gave the stock a hold rating and two gave the company a buy rating. Based on data from MarketBeat.com, the stock currently 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, lumber yards and retailers. It offers pitched roofs and low-slope roofing products; gutters and siding; building materials, such as wood and composite materials, skylights and windows, plywood and OSB, decking and railings, and HVAC products; and foam board, spray foam, rolls, batts, mineral wool, fiberglass and commercial insulation products, as well as radiant barriers and blown insulation and equipment.
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