Traders Purchase High Volume of Call Options on Beacon Roofing Supply (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the target of some unusual options trading activity on Tuesday. Stock investors purchased 2,221 call options on the company. This is an increase of approximately 228% compared to the average volume of 677 call options.

Beacon Roofing Supply Stock Up 1.6 %

Shares of NASDAQ:BECN opened at $121.79 on Wednesday. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $122.22. The firm has a fifty day moving average of $116.16 and a 200 day moving average of $103.97. The firm has a market capitalization of $7.50 billion, a PE ratio of 20.82 and a beta of 1.63. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.14 and a current ratio of 1.91.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on BECN shares. Stephens reissued an “equal weight” rating and set a $103.00 target price on shares of Beacon Roofing Supply in a report on Tuesday, November 19th. Benchmark reissued 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 began coverage on shares of Beacon Roofing Supply in a report on Monday. They issued a “sell” rating on the stock. BMO Capital Markets decreased their price target on shares of Beacon Roofing Supply from $136.00 to $130.00 and set an “outperform” rating on the stock in a report on Tuesday, March 4th. Finally, Zelman & Associates cut shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $119.95.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BECN. Quarry LP grew its position in Beacon Roofing Supply by 180.7% in the third quarter. Quarry LP now owns 306 shares of the company’s stock worth $26,000 after acquiring an additional 197 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in Beacon Roofing Supply during the third quarter valued at about $28,000. SBI Securities Co. Ltd. purchased a new stake in Beacon Roofing Supply during the fourth quarter valued at about $31,000. Johnson Financial Group Inc. purchased a new stake in Beacon Roofing Supply during the fourth quarter valued at about $54,000. Finally, PNC Financial Services Group Inc. boosted 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 valued at $60,000 after buying an additional 163 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.

Beacon Roofing Supply Company Profile

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.