Beacon Roofing Supply, Inc. (NASDAQ:BECN) Sees Large Increase in Short Interest

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw a large growth in short interest in March. As of March 15th, there was short interest totalling 980,000 shares, a growth of 27.6% from the February 28th total of 768,100 shares. Currently, 1.6% of the company’s stock are sold short. Based on an average trading volume of 1,510,000 shares, the short-interest ratio is presently 0.6 days.

Beacon Roofing Supply Price Performance

NASDAQ:BECN opened at $123.70 on Tuesday. The company has a market cap of $7.62 billion, a P/E ratio of 21.15 and a beta of 1.63. The firm’s fifty day moving average price is $118.65 and its two-hundred day moving average price is $106.53. Beacon Roofing Supply has a one year low of $77.54 and a one year high of $123.90. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.91 and a quick ratio of 1.14.

Beacon Roofing Supply (NASDAQ:BECN) last announced its quarterly earnings results on Thursday, February 27th. The company reported $1.65 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.01). The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a net margin of 3.86% and a return on equity of 25.32%. Equities analysts expect that Beacon Roofing Supply will post 7.22 earnings per share for the current year.

Hedge Funds Weigh In On Beacon Roofing Supply

Large investors have recently made changes to their positions in the company. Quarry LP grew its holdings in Beacon Roofing Supply by 180.7% in the 3rd quarter. Quarry LP now owns 306 shares of the company’s stock valued at $26,000 after buying an additional 197 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Beacon Roofing Supply in the fourth quarter valued at about $31,000. Johnson Financial Group Inc. acquired a new position in shares of Beacon Roofing Supply in the fourth quarter valued at about $54,000. PNC Financial Services Group Inc. increased its position in Beacon Roofing Supply by 38.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock worth $60,000 after acquiring an additional 163 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its stake in Beacon Roofing Supply by 26.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock worth $73,000 after purchasing an additional 150 shares in the last quarter. Institutional investors own 98.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BECN. Benchmark reiterated a “buy” rating and set a $140.00 target price on shares of Beacon Roofing Supply in a report on Monday, March 3rd. StockNews.com started coverage on Beacon Roofing Supply in a research note on Tuesday, March 25th. They set a “sell” rating on the stock. William Blair reissued a “market perform” rating on shares of Beacon Roofing Supply in a report on Thursday, March 20th. Zelman & Associates downgraded shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Finally, Baird R W lowered shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $120.95.

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.