Investing in Beacon Roofing Supply Inc. (BECN): What You Must Know

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Beacon Roofing Supply Inc.’s recent filing unveils that its 10% Owner CD&R Investment Associates IX, acquired Company’s shares for reported $6.0 million on Oct 28. In the deal valued at $56.97 per share,105,320 shares were bought. As a result of this transaction, CD&R Investment Associates IX, now holds 14,964,899 shares worth roughly $ 837.88 million.

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Then, Taylor Jason L sold 4,000 shares, generating $229,200 in total proceeds. Upon selling the shares at $57.30, the President, West Division now owns 5,937 shares.

Before that, CD&R Investment Associates IX, bought 103,931 shares. Beacon Roofing Supply Inc. shares valued at $5,999,999 were divested by the 10% Owner at a price of $57.73 per share. As a result of the transaction, CD&R Investment Associates IX, now holds 14,859,579 shares, worth roughly $831.99 million.

Robert W. Baird downgraded its Beacon Roofing Supply Inc. [BECN] rating to a Neutral from a an Outperform in a research note published on Friday, October 14, 2022; the price target was decreased to $65 from $77. PT values the company’s stock at a premium of 13.86 to its Friday closing price. A number of analysts have revised their coverage, including Deutsche Bank’s analysts, who began to cover the stock in mid August with a ‘”a Buy”‘ rating. William Blair also remained covering BECN and has decreased its forecast on July 19, 2022 with a “Mkt perform” recommendation from previously “an Outperform” rating. RBC Capital Mkts revised its rating on June 22, 2022. It rated BECN as “a Sector perform” which previously was an “an Outperform”.

Price Performance Review of BECN

On Friday, Beacon Roofing Supply Inc. [NASDAQ:BECN] saw its stock jump 2.23% to $55.99. On the same session, the stock had its day’s lowest price of $54.0408, but rose to a high of $58.14. Over the last five days, the stock has lost -0.59%. Beacon Roofing Supply Inc. shares have fallen nearly -2.37% since the year began. Nevertheless, the stocks have fallen -0.71% over the past one year. While a 52-week high of $65.30 was reached on 06/07/22, a 52-week low of $45.71 was recorded on 06/22/22. SMA at 50 days reached $55.24, while 200 days put it at $57.44. A total of 0.92 million shares were traded, compared to the trading of 0.79 million shares in the previous session.

Levels Of Support And Resistance For BECN Stock

The 24-hour chart illustrates a support level at 53.97, which if violated will result in even more drops to 51.96. On the upside, there is a resistance level at 58.07. A further resistance level may holdings at 60.16. The Relative Strength Index (RSI) on the 14-day chart is 52.25, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.40, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 35.89%. Stochastics %K at 56.07% indicates the stock is a holding.

How much short interest is there in Beacon Roofing Supply Inc.?

A steep rise in short interest was recorded in Beacon Roofing Supply Inc. stocks on Jul 14, 2022, dropping by -0.68 million shares to a total of 4.94 million shares. Yahoo Finance data shows the prior-month short interest on Jun 14, 2022 was 5.62 million shares. There was a decline of -13.77%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 10.55% of the overall stock float, the days-to-cover ratio (short ratio) fell to 7.86.

Beacon Roofing Supply Inc. [BECN] – Who Are The Largest Shareholders?

In filings from Fidelity Management & Research Co, it is revealed that the company now owns 9,170,392 shares, or roughly 14.11% of the outstanding BECN shares. In other words, the investor’s shares have risen by 134,921 from its previous 13-F filing of 9035471.0. Additionally, The Vanguard Group, Inc. decreased -4.81% of its stake after which the total value it holdings stand at $273,984,846, while Dimensional Fund Advisors LP reduced -3.47% of its stake to hold $228.68 million in the firm. Over the last quarter, BlackRock Fund Advisors sold -84,463 shares of Beacon Roofing Supply Inc., while American Century Investment Manag sold -475,066 shares. At present, T. Rowe Price Associates, Inc. is holding 2,806,283 shares valued at $153.56 million. Fuller & Thaler Asset Management, owned 1,768,041 shares of the company at the time of its most recent 13F filing, worth $96.75 million.

According to FactSet, Beacon Roofing Supply Inc.’s share price will average $68.08 in the next year, based on opinions of analysts polled by the firm. This is up nearly 25.07 percent from its previous closing price of $54.77. Analysts expect Beacon Roofing Supply Inc. stock to reach the higher price of $80.00, while the lowest price estimate is $54.00. However, 15 analysts have rated BECN stock as an Overweight in their predictions for 2022.


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