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

Beacon Roofing Supply, Inc. (NASDAQ:BECN) was the recipient of some unusual options trading activity on Tuesday. Stock investors purchased 2,221 call options on the stock. This represents an increase of 228% compared to the typical daily volume of 677 call options.

Beacon Roofing Supply Stock Up 1.4 %

Shares of NASDAQ BECN traded up $1.71 during mid-day trading on Tuesday, reaching $121.61. The company had a trading volume of 720,710 shares, compared to its average volume of 743,002. The firm has a 50 day simple moving average of $115.41 and a two-hundred day simple moving average of $103.53. Beacon Roofing Supply has a 52-week low of $77.54 and a 52-week high of $122.97. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60. The stock has a market cap of $7.49 billion, a P/E ratio of 20.79 and a beta of 1.63.

Beacon Roofing Supply (NASDAQ:BECN) last posted its 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 firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.43 billion. Beacon Roofing Supply had a return on equity of 25.32% and a net margin of 3.86%. Sell-side analysts predict that Beacon Roofing Supply will post 7.22 earnings per share for the current year.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of institutional investors have recently modified their holdings of BECN. Equitable Trust Co. grew its stake in shares of Beacon Roofing Supply by 1.7% in the 4th quarter. Equitable Trust Co. now owns 7,228 shares of the company’s stock valued at $734,000 after purchasing an additional 122 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Beacon Roofing Supply by 26.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 720 shares of the company’s stock worth $73,000 after buying an additional 150 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Beacon Roofing Supply by 38.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 591 shares of the company’s stock valued at $60,000 after acquiring an additional 163 shares in the last quarter. Cornerstone Investment Partners LLC increased its stake in shares of Beacon Roofing Supply by 3.6% during the fourth quarter. Cornerstone Investment Partners LLC now owns 4,730 shares of the company’s stock worth $480,000 after acquiring an additional 166 shares during the period. Finally, HighTower Advisors LLC raised its holdings in Beacon Roofing Supply by 7.3% during the third quarter. HighTower Advisors LLC now owns 2,665 shares of the company’s stock worth $234,000 after purchasing an additional 181 shares in the last quarter. 98.45% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BECN has been the topic of several research analyst reports. Robert W. Baird boosted their price objective on Beacon Roofing Supply from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, February 28th. BMO Capital Markets cut 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 research note on Tuesday, March 4th. StockNews.com assumed coverage on shares of Beacon Roofing Supply in a research report on Monday. They set a “sell” rating on the stock. Zelman & Associates cut shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. Finally, 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $119.95.

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.