Beacon Roofing Supply, Inc. (NASDAQ:BECN) Short Interest Up 7.7% in December

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 3,920,000 shares, an increase of 7.7% from the December 15th total of 3,640,000 shares. Currently, 7.2% of the shares of the company are sold short. Based on an average daily trading volume, of 545,300 shares, the days-to-cover ratio is currently 7.2 days.

Several brokerages have recently weighed in on BECN. SunTrust Banks cut their price objective on Beacon Roofing Supply from $40.00 to $38.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Loop Capital started coverage on Beacon Roofing Supply in a research report on Monday, January 6th. They issued a “buy” rating and a $37.00 target price on the stock. BidaskClub raised Beacon Roofing Supply from a “hold” rating to a “buy” rating in a research report on Wednesday, January 8th. Raymond James lowered Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 27th. Finally, Northcoast Research raised Beacon Roofing Supply from a “neutral” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $34.50.

Shares of NASDAQ BECN traded up $0.73 during mid-day trading on Thursday, reaching $36.21. 123,401 shares of the company traded hands, compared to its average volume of 381,958. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.04 and a current ratio of 1.75. The stock has a market cap of $2.39 billion, a PE ratio of 16.02, a price-to-earnings-growth ratio of 1.31 and a beta of 1.39. The company’s fifty day moving average is $31.34 and its two-hundred day moving average is $32.86. Beacon Roofing Supply has a fifty-two week low of $26.50 and a fifty-two week high of $40.00.

Beacon Roofing Supply (NASDAQ:BECN) last issued its quarterly earnings data on Monday, November 25th. The company reported $1.04 EPS for the quarter, missing the Zacks’ consensus estimate of $1.21 by ($0.17). Beacon Roofing Supply had a negative net margin of 0.15% and a positive return on equity of 9.55%. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the company posted $1.07 EPS. The business’s revenue was up 4.9% on a year-over-year basis. Research analysts forecast that Beacon Roofing Supply will post 2.59 earnings per share for the current year.

In other Beacon Roofing Supply news, Director Richard W. Frost purchased 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was bought at an average price of $30.05 per share, with a total value of $90,150.00. Following the completion of the purchase, the director now owns 37,249 shares in the company, valued at approximately $1,119,332.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Stuart A. Randle sold 5,802 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $30.06, for a total value of $174,408.12. Following the completion of the transaction, the director now directly owns 35,519 shares of the company’s stock, valued at approximately $1,067,701.14. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. FMR LLC lifted its position in shares of Beacon Roofing Supply by 175.1% during the 1st quarter. FMR LLC now owns 550,230 shares of the company’s stock worth $17,695,000 after buying an additional 350,228 shares during the period. Bank of Montreal Can lifted its holdings in Beacon Roofing Supply by 52.4% during the 2nd quarter. Bank of Montreal Can now owns 17,181 shares of the company’s stock valued at $630,000 after buying an additional 5,906 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Beacon Roofing Supply by 12.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 327,436 shares of the company’s stock valued at $12,023,000 after buying an additional 35,983 shares in the last quarter. Northern Trust Corp lifted its holdings in Beacon Roofing Supply by 4.1% during the 2nd quarter. Northern Trust Corp now owns 1,289,946 shares of the company’s stock valued at $47,367,000 after buying an additional 50,282 shares in the last quarter. Finally, Commonwealth Bank of Australia raised its holdings in shares of Beacon Roofing Supply by 53.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 12,900 shares of the company’s stock valued at $473,000 after purchasing an additional 4,500 shares in the last quarter.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.

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