Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) saw a large decrease in short interest in July. As of July 31st, there was short interest totaling 4,200,000 shares, a decrease of 15.0% from the July 15th total of 4,940,000 shares. Approximately 7.9% of the shares of the stock are sold short. Based on an average daily volume of 587,300 shares, the days-to-cover ratio is currently 7.2 days.
Beacon Roofing Supply Stock Up 1.8%
BECN stock opened at $60.23 on Friday. The stock’s fifty day simple moving average is $56.25 and its two-hundred day simple moving average is $58.04. The company has a current ratio of 1.91, a quick ratio of 0.92 and a debt-to-equity ratio of 1.24. Beacon Roofing Supply has a 1-year low of $45.71 and a 1-year high of $65.30. The stock has a market cap of $3.91 billion, a P/E ratio of 12.79 and a beta of 1.79.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last issued its earnings results on Thursday, August 4th. The company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.44. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.28 billion. Beacon Roofing Supply had a return on equity of 29.19% and a net margin of 5.25%. The business’s revenue was up 26.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.59 earnings per share. Analysts expect that Beacon Roofing Supply will post 6.73 EPS for the current year.
Wall Street Analysts Forecast Growth
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Several analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Beacon Roofing Supply from $66.00 to $59.00 in a research note on Friday, July 15th. Royal Bank of Canada downgraded Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $70.00 to $58.00 in a report on Wednesday, June 22nd. William Blair downgraded Beacon Roofing Supply from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 19th. Stephens cut their target price on Beacon Roofing Supply from $72.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Monday, August 8th. Finally, Wells Fargo & Company cut their target price on Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 28th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $62.43.
Insider Transactions at Beacon Roofing Supply
In related news, major shareholder Cd&R Investment Associates Ix, bought 103,931 shares of Beacon Roofing Supply stock in a transaction dated Friday, July 29th. The shares were bought at an average cost of $57.73 per share, with a total value of $5,999,936.63. Following the acquisition, the insider now owns 14,859,579 shares in the company, valued at approximately $857,843,495.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.95% of the stock is currently owned by insiders.
Institutional Trading of Beacon Roofing Supply
Several hedge funds have recently made changes to their positions in the company. FMR LLC raised its stake in shares of Beacon Roofing Supply by 1.6% in the second quarter. FMR LLC now owns 10,311,211 shares of the company’s stock valued at $529,583,000 after buying an additional 160,181 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Beacon Roofing Supply by 57.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 15,991 shares of the company’s stock valued at $821,000 after purchasing an additional 5,809 shares during the period. Rhumbline Advisers raised its stake in shares of Beacon Roofing Supply by 10.5% during the 2nd quarter. Rhumbline Advisers now owns 72,903 shares of the company’s stock valued at $3,744,000 after purchasing an additional 6,948 shares during the period. Alpha DNA Investment Management LLC bought a new stake in shares of Beacon Roofing Supply during the 2nd quarter valued at $980,000. Finally, Sigma Planning Corp bought a new stake in shares of Beacon Roofing Supply during the 2nd quarter valued at $743,000.
About Beacon Roofing Supply
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, lumberyards, and retailers. It offers pitched roofing and low slope roof products; gutters and sidings; building materials, such as lumber and composite, skylights and window, plywood and OSB, decking and railing, and HVAC products; and foam board, spray foam, roll, batt, mineral wool, fiberglass, and commercial insulation products, as well as radiant barriers and blown-in insulation and equipment.
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