Posted by admin on Jun 30th, 2022
Beacon Roofing Supply, Inc. (NASDAQ:BECN – Get Rating) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 5,620,000 shares, a growth of 140.2% from the May 31st total of 2,340,000 shares. Currently, 9.1% of the company’s shares are short sold. Based on an average trading volume of 523,400 shares, the days-to-cover ratio is presently 10.7 days.
Several research firms recently commented on BECN. StockNews.com began coverage on Beacon Roofing Supply in a research note on Thursday, March 31st. They set a “hold” rating for the company. JPMorgan Chase & Co. decreased their target price on Beacon Roofing Supply from $68.00 to $66.00 and set a “neutral” rating for the company in a research note on Wednesday, April 20th. Royal Bank of Canada cut Beacon Roofing Supply from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $70.00 to $58.00 in a research note on Wednesday, June 22nd. Wells Fargo & Company reduced their price objective on Beacon Roofing Supply from $67.00 to $56.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Robert W. Baird raised their target price on Beacon Roofing Supply from $74.00 to $83.00 in a report on Friday, May 6th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Beacon Roofing Supply has an average rating of “Hold” and an average target price of $62.25.
Shares of NASDAQ BECN opened at $50.98 on Thursday. The stock has a market cap of $3.50 billion, a PE ratio of 14.73 and a beta of 1.77. Beacon Roofing Supply has a fifty-two week low of $45.71 and a fifty-two week high of $65.30. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 1.85. The stock has a fifty day moving average of $58.85 and a 200-day moving average of $57.65.
Beacon Roofing Supply (NASDAQ:BECN – Get Rating) last posted its earnings results on Thursday, May 5th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.49 by $0.40. Beacon Roofing Supply had a return on equity of 26.21% and a net margin of 4.24%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.43 billion. On average, sell-side analysts predict that Beacon Roofing Supply will post 6.58 EPS for the current year.
In related news, major shareholder Cd&R Investment Associates Ix, acquired 102,219 shares of the stock in a transaction dated Friday, April 29th. The stock was bought at an average cost of $58.70 per share, for a total transaction of $6,000,255.30. Following the completion of the transaction, the insider now directly owns 14,755,648 shares of the company’s stock, valued at $866,156,537.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.95% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Vise Technologies Inc. purchased a new position in Beacon Roofing Supply during the first quarter worth about $270,000. Quantamental Technologies LLC purchased a new position in shares of Beacon Roofing Supply in the 1st quarter worth about $223,000. Stansberry Asset Management LLC boosted its holdings in shares of Beacon Roofing Supply by 8.2% in the 1st quarter. Stansberry Asset Management LLC now owns 34,115 shares of the company’s stock worth $2,022,000 after purchasing an additional 2,572 shares in the last quarter. First Manhattan Co. boosted its holdings in shares of Beacon Roofing Supply by 4.3% in the 1st quarter. First Manhattan Co. now owns 5,633 shares of the company’s stock worth $333,000 after purchasing an additional 233 shares in the last quarter. Finally, First Republic Investment Management Inc. purchased a new position in shares of Beacon Roofing Supply in the 1st quarter worth about $211,000.
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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