Beacon Roofing Supply, Inc. (NASDAQ:BECN – get rating) was the target of a significant spike in short interest in May. As of May 31, there were short sales totaling 2,400,000 shares, an increase of 18.8% from the May 15 total of 2,020,000 shares. The company’s shares are currently 5.0% short. Based on an average daily trading volume of 389,300 shares, the short interest ratio is currently 6.2 days.
Beacon Roofing Supply inventory up 0.4%
Shares of BECN rose $0.30 in midday trade on Friday to hit $79.76. 301,490 shares of the stock traded, compared to an average volume of 418,640. The company has a quick ratio of 1.09, a current ratio of 2.07 and a debt to equity ratio of 1.00. The stock has a 50-day simple moving average of $63.67 and a 200-day simple moving average of $59.79. The company has a market cap of $5.08 billion, a price-to-earnings ratio of 15.28 and a beta of 1.58. Beacon Roofing Supply has a 12-month low of $45.71 and a 12-month high of $80.33.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last released its quarterly results on Thursday, May 4th. The company reported earnings per share of $0.67 for the quarter, beating the consensus estimate of $0.61 by $0.06. The company had revenue of $1.73 billion in the quarter, compared to analyst estimates of $1.78 billion. Beacon Roofing Supply had a net margin of 5.01% and a return on equity of 27.52%. Sell-side analysts expect Beacon Roofing Supply to report earnings per share of 6.43 for the current fiscal year.
Wall Street analysts are weighing
BECN has been the subject of several recent analyst reports. TheStreet downgraded shares of Beacon Roofing Supply from a “b” rating to a “c” rating in a research report on Friday, May 5. Loop Capital increased its price target on shares of Beacon Roofing Supply to $84.00 from $76.00 in a report on Friday, June 9. Deutsche Bank Aktiengesellschaft increased its price target on shares of Beacon Roofing Supply to $86.00 from $85.00 in a report on Friday, May 5. StockNews.com began coverage of Beacon Roofing Supply stock in a report on Thursday, May 18th. They gave the company a “hold” rating. Finally, Stephens lowered its price target on Beacon Roofing Supply shares from $70.00 to $68.00 in a report on Monday, May 8th. One investment analyst has rated the stock with a sell rating, six with a hold rating and two with a buy rating. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $73.78.
Insider Transactions at Beacon Roofing Supply
In addition, on Friday, April 28, major shareholder Cd&R Investment Associates Ix acquired 99,880 shares of the company in a transaction. The stock was purchased at an average price of $60.07 per share for a total value of $5,999,791.60. Following the closing of the acquisition, the insider now owns 15,171,964 shares of the company’s stock valued at $911,379,877.48. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In related news, major shareholder Cd&R Investment Associates Ix bought 99,880 shares of the company’s stock in a transaction on Friday, April 28. The shares were acquired at an average price of $60.07 per share for a total transaction of $5,999,791.60. Following the closing of the transaction, the insider now directly owns 15,171,964 shares of the company, valued at $911,379,877.48. The transaction was disclosed in a document filed with the SEC, which is available on the SEC’s website. Also, insider Clement Munroe Best III sold 1,500 shares of the company’s stock in a transaction Tuesday, May 16. The stock sold at an average price of $61.72 for a total transaction of $92,580.00. Following the transaction, the insider now owns 58,183 shares of the company’s stock valued at $3,591,054.76. The disclosure for this sale can be found here. Over the past ninety days, insiders have sold 21,910 shares of the company’s shares, valued at $1,558,209. Company insiders own 0.95% of the company’s stock.
Hedge funds weigh on Beacon Roofing Supply
A number of institutional investors and hedge funds have recently been buying and selling BECN stock. Clayton Dubilier & Rice LLC increased its stake in Beacon Roofing Supply by 0.7% during the first quarter. Clayton Dubilier & Rice LLC now owns 15,094,980 shares of the company’s stock valued at $888,340,000 after purchasing an additional 111,593 shares last quarter. American Century Companies Inc. increased its stake in Beacon Roofing Supply by 8.7% in the first quarter. American Century Companies Inc. now owns 3,963,646 shares of the company’s stock valued at $233,261,000 after purchasing an additional 318,382 shares last quarter. Price T Rowe Associates Inc. MD increased its stake in Beacon Roofing Supply by 4.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,806,283 shares of the company’s stock valued at $144,131,000 after purchasing an additional 106,890 shares last quarter. Fiduciary Management Inc. WI increased its stake in Beacon Roofing Supply by 4.2% in the third quarter. Fiduciary Management Inc. WI now owns 1,794,826 shares of the company’s stock valued at $98,213,000 after purchasing an additional 71,900 shares last quarter. Finally, Frontier Capital Management Co. LLC increased its stake in Beacon Roofing Supply by 4.3% during the third quarter. Frontier Capital Management Co. LLC now owns 1,762,903 shares of the company’s stock valued at $96,466,000 after purchasing an additional 73,190 shares last quarter.
Company Profile of Beacon Roofing Supply
(get rating)
Beacon Roofing Supply, Inc., together with its subsidiaries, is engaged in the distribution of residential and non-residential roofing materials and ancillary building products to contractors, home builders, builders, lumber yards and retailers throughout the United States and Canada. It offers pitched roof and flat roof products; gutters and siding; building materials such as lumber and composites, 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 appliances.
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