By otakuyassine3@gmail.com 
Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Free Report) saw a significant decline in short interest in November. As of November 30th, there was short interest totalling 1,390,000 shares, a decline of 11.5% from the November 15th total of 1,570,000 shares. Currently, 2.3% of the company’s stock are short sold. Based on an average daily volume of 719,600 shares, the days-to-cover ratio is currently 1.9 days.
Analyst Ratings Changes
A number of brokerages have issued reports on BECN. JPMorgan Chase & Co. upped their target price on Beacon Roofing Supply from $119.00 to $136.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Royal Bank of Canada upped their price target on shares of Beacon Roofing Supply from $113.00 to $114.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Stephens reissued an “equal weight” rating and issued a $103.00 target price on shares of Beacon Roofing Supply in a research report on Tuesday, November 19th. Robert W. Baird upped their target price on shares of Beacon Roofing Supply from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Benchmark reissued a “buy” rating and issued a $140.00 price objective on shares of Beacon Roofing Supply in a report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $118.00.
Check Out Our Latest Stock Report on BECN
Insiders Place Their Bets
In other Beacon Roofing Supply news, insider Jason L. Taylor sold 2,600 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $110.00, for a total value of $286,000.00. Following the completion of the transaction, the insider now directly owns 6,531 shares of the company’s stock, valued at $718,410. This represents a 28.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Clement Munroe Best III sold 5,637 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $100.47, for a total value of $566,349.39. Following the completion of the transaction, the insider now owns 69,514 shares in the company, valued at approximately $6,984,071.58. This trade represents a 7.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,874 shares of company stock worth $1,812,146 over the last quarter. 1.30% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in Beacon Roofing Supply by 17.6% in the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock valued at $556,253,000 after buying an additional 963,633 shares during the last quarter. State Street Corp increased its holdings in shares of Beacon Roofing Supply by 1.1% in the 3rd quarter. State Street Corp now owns 1,471,500 shares of the company’s stock worth $127,182,000 after acquiring an additional 15,505 shares during the period. Fisher Asset Management LLC lifted its position in Beacon Roofing Supply by 0.3% in the 3rd quarter. Fisher Asset Management LLC now owns 993,715 shares of the company’s stock valued at $85,887,000 after purchasing an additional 2,607 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Beacon Roofing Supply by 18.7% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 963,077 shares of the company’s stock valued at $83,239,000 after purchasing an additional 152,030 shares during the period. Finally, Janus Henderson Group PLC grew its position in Beacon Roofing Supply by 1,449.0% in the 3rd quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock worth $53,205,000 after purchasing an additional 575,852 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.
Beacon Roofing Supply Stock Performance
Shares of NASDAQ:BECN traded down $0.21 during trading on Tuesday, hitting $105.09. 92,653 shares of the company traded hands, compared to its average volume of 714,039. The company has a quick ratio of 1.14, a current ratio of 1.91 and a debt-to-equity ratio of 1.60. The business’s fifty day moving average is $102.23 and its 200-day moving average is $94.63. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of 17.84 and a beta of 1.59. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $116.30.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, engages in the distribution of residential and non-residential roofing materials, and complementary building products to contractors, home builders, building owners, lumberyards, and retailers in the United States and Canada. The company 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.
Further Reading
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