Posted by admin on May 16th, 2022
Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) was the target of a large drop in short interest during the month of April. As of April 30th, there was short interest totalling 2,390,000 shares, a drop of 21.9% from the April 15th total of 3,060,000 shares. Approximately 4.3% of the shares of the company are sold short. Based on an average daily trading volume, of 406,000 shares, the days-to-cover ratio is presently 5.9 days.
Several analysts have issued reports on BECN shares. Robert W. Baird raised their price target on shares of Beacon Roofing Supply from $74.00 to $83.00 in a research report on Friday, May 6th. Truist Financial decreased their price target on shares of Beacon Roofing Supply from $58.00 to $55.00 in a research report on Monday, February 7th. StockNews.com started coverage on shares of Beacon Roofing Supply in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating for the company in a report on Wednesday, April 20th. Finally, Wells Fargo & Company raised their price objective on shares of Beacon Roofing Supply from $59.00 to $67.00 and gave the stock an “equal weight” rating in a report on Thursday, April 21st. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $63.22.
In related news, insider Clement Munroe Best III sold 4,000 shares of the firm’s stock in a transaction on Wednesday, March 16th. The shares were sold at an average price of $63.00, for a total value of $252,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Cd&R Investment Associates Ix, bought 102,219 shares of the stock in a transaction that occurred on Friday, April 29th. The stock was purchased at an average price of $58.70 per share, for a total transaction of $6,000,255.30. Following the completion of the purchase, the insider now directly owns 14,755,648 shares in the company, valued at approximately $866,156,537.60. The disclosure for this purchase can be found here. Company insiders own 0.95% of the company’s stock.
A number of hedge funds have recently made changes to their positions in BECN. JPMorgan Chase & Co. lifted its holdings in Beacon Roofing Supply by 560.5% during the 4th quarter. JPMorgan Chase & Co. now owns 2,085,625 shares of the company’s stock valued at $119,611,000 after purchasing an additional 1,769,848 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Beacon Roofing Supply by 29.6% in the third quarter. American Century Companies Inc. now owns 2,907,579 shares of the company’s stock worth $138,866,000 after acquiring an additional 663,871 shares during the last quarter. Norges Bank bought a new position in shares of Beacon Roofing Supply in the fourth quarter worth about $29,982,000. Vaughan Nelson Investment Management L.P. bought a new position in shares of Beacon Roofing Supply in the fourth quarter worth about $28,544,000. Finally, Frontier Capital Management Co. LLC raised its stake in shares of Beacon Roofing Supply by 46.3% in the fourth quarter. Frontier Capital Management Co. LLC now owns 1,398,819 shares of the company’s stock worth $80,222,000 after acquiring an additional 442,700 shares during the last quarter.
Shares of BECN stock opened at $61.28 on Monday. Beacon Roofing Supply has a 12-month low of $46.62 and a 12-month high of $64.90. The company has a market capitalization of $4.21 billion, a P/E ratio of 17.71 and a beta of 1.77. The firm has a 50-day moving average price of $60.03 and a 200 day moving average price of $57.17. The company has a quick ratio of 1.08, a current ratio of 1.85 and a debt-to-equity ratio of 1.01.
About Beacon Roofing Supply (Get Rating)
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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