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
(Get an evaluation)
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.
This instant news alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Before you consider Beacon Roofing Supply, you’ll want to hear this.
MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Beacon Roofing Supply was not on the list.
While Beacon Roofing Supply currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the five actions here