Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) saw a sharp drop in short interest in March. On March 15, there was short interest totaling 2,000,000 shares, down 13.8% from the February 28 total of 2,320,000 shares. Based on an average daily volume of 446,700 shares, the short interest ratio is currently 4.5 days. About 4.1% of the company’s shares are sold short.
Analyst upgrades and downgrades
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BECN has been the subject of a number of research reports. Robert W. Baird raised his target price on Beacon Roofing Supply shares to $76.00 from $65.00 and rated the company “neutral” in a research note on Monday, February 27. Stifel Nicolaus raised his price target on Beacon Roofing Supply shares from $80.00 to $91.00 and issued a research note on Monday, December 19th with a “buy” rating of the company. Zelman & Associates downgraded shares of Beacon Roofing Supply from a “hold” rating to a “sell” rating in a research note on Friday, March 10. Deutsche Bank Aktiengesellschaft has raised its price target for shares in Beacon Roofing Supply to $85.00 from $81.00 and issued a buy rating to the company in a research note on Monday, February 27. Finally, Stephens increased his target price on Beacon Roofing Supply shares to $73.00 from $65.00 and gave the stock an “equal weight” rating in a report dated Monday, February 27. One analyst has rated the stock with a sell rating, seven with a hold rating and two with a buy rating. According to MarketBeat.com, the company has an average rating of Hold and a consensus target of $70.57.
Beacon roofing supply stock down 0.8%
NASDAQ BECN opened at $57.63 on Friday. The company has a gearing ratio of 1.01, a quick ratio of 1.08 and a current ratio of 2.03. The company has a 50-day simple moving average of $59.79 and a 200-day simple moving average of $57.08. Beacon Roofing Supply has a 12-month low of $45.71 and a 12-month high of $68.31. The stock has a market cap of $3.70 billion, a P/E of 10.37 and a beta of 1.58.
Insider buying and selling
In other news, major shareholder Cd&R Investment Associates Ix acquired 107,185 shares of the company in a transaction that took place on Monday, January 30th. The stock was purchased at an average price of $55.98 per share for a total value of $6,000,216.30. Following the purchase, the insider now owns 15,072,084 shares of the company’s stock, valued at approximately $843,735,262.32. The purchase was disclosed in a legal filing with the SEC, which can be accessed at this hyperlink. Company insiders own 0.95% of the company’s shares.
Institutional investors choose Beacon Roofing Supply
Several hedge funds recently changed their positions in the stock. Clayton Dubilier & Rice LLC increased its stake in Beacon Roofing Supply by 0.7% in the fourth quarter. Clayton Dubilier & Rice LLC now owns 14,983,387 shares of the company’s stock valued at $790,973,000 after purchasing an additional 105,320 shares during the period. American Century Companies Inc. increased its position in Beacon Roofing Supply by 53.5% in the fourth quarter. American Century Companies Inc. now owns 3,645,264 shares of the company’s stock valued at $192,433,000 after purchasing an additional 1,270,771 shares last quarter. Price T Rowe Associates Inc. MD increased its position in Beacon Roofing Supply by 4.0% during 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 position 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 position 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.
About Beacon Roofing Supply
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Beacon Roofing Supply, Inc is engaged in the distribution of roofing materials for residential and non-residential buildings. It also sells ancillary building products, including siding, windows, specialty exterior building products, insulation and waterproofing systems for the exterior of buildings. The company was incorporated on August 22, 1997 and is headquartered in Herndon, VA.
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