Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Free Report) was the recipient of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 1,800,000 shares, a decline of 9.5% from the October 31st total of 1,990,000 shares. Approximately 3.4% of the company’s shares are sold short. Based on an average daily trading volume, of 376,600 shares, the short-interest ratio is presently 4.8 days.

Insiders Place Their Bets

In other news, major shareholder Cd&R Investment Associates Ix, purchased 46,170 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were acquired at an average price of $63.59 per share, for a total transaction of $2,935,950.30. Following the completion of the acquisition, the insider now directly owns 10,218,134 shares of the company’s stock, valued at $649,771,141.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Beacon Roofing Supply news, major shareholder Cd&R Investment Associates Ix, bought 46,170 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was acquired at an average price of $63.59 per share, with a total value of $2,935,950.30. Following the completion of the transaction, the insider now directly owns 10,218,134 shares in the company, valued at approximately $649,771,141.06. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christine Stroh Reddy sold 500 shares of Beacon Roofing Supply stock in a transaction on Monday, September 11th. The shares were sold at an average price of $78.12, for a total value of $39,060.00. Following the transaction, the executive vice president now owns 314 shares in the company, valued at approximately $24,529.68. The disclosure for this sale can be found here. Corporate insiders own 0.95% of the company’s stock.

Institutional Trading of Beacon Roofing Supply

Institutional investors and hedge funds have recently modified their holdings of the company. Parkside Financial Bank & Trust acquired a new stake in shares of Beacon Roofing Supply in the second quarter worth $27,000. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Beacon Roofing Supply during the 1st quarter valued at $29,000. Sandy Spring Bank acquired a new position in Beacon Roofing Supply during the 1st quarter valued at $29,000. Arcadia Investment Management Corp MI acquired a new position in Beacon Roofing Supply during the 1st quarter valued at $38,000. Finally, Exchange Traded Concepts LLC raised its stake in Beacon Roofing Supply by 63.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 836 shares of the company’s stock valued at $65,000 after purchasing an additional 325 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently commented on BECN shares. Truist Financial decreased their price target on shares of Beacon Roofing Supply from $95.00 to $80.00 and set a “hold” rating for the company in a report on Tuesday, October 17th. StockNews.com downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating in a research note on Monday, October 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on Beacon Roofing Supply from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Tuesday, August 8th. Jefferies Financial Group dropped their target price on Beacon Roofing Supply from $92.00 to $89.00 in a research report on Thursday, October 12th. Finally, Raymond James lifted their price target on Beacon Roofing Supply from $75.00 to $95.00 and gave the company an “outperform” rating in a report on Monday, August 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $89.40.

Read Our Latest Stock Report on Beacon Roofing Supply

Beacon Roofing Supply Stock Up 3.2 %

NASDAQ BECN traded up $2.54 during trading on Friday, reaching $82.90. The company’s stock had a trading volume of 377,904 shares, compared to its average volume of 355,370. The company has a current ratio of 1.73, a quick ratio of 1.05 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of $5.24 billion, a PE ratio of -78.21, a PEG ratio of 1.45 and a beta of 1.60. The business has a 50-day moving average price of $75.94 and a 200-day moving average price of $77.30. Beacon Roofing Supply has a 1-year low of $50.42 and a 1-year high of $87.46.

Beacon Roofing Supply (NASDAQ:BECN – Get Free Report) last posted its earnings results on Thursday, November 2nd. The company reported $2.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.54 by $0.31. Beacon Roofing Supply had a net margin of 4.67% and a return on equity of 25.71%. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.59 billion. On average, research analysts forecast that Beacon Roofing Supply will post 7.37 earnings per share for the current fiscal year.

About Beacon Roofing Supply (Get Free Report)

Beacon Roofing Supply, Inc, together with its subsidiaries, engages in 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. 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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Original: MarketBeat News Feed: Short Interest in Beacon Roofing Supply, Inc. (NASDAQ:BECN) Drops By 9.5%