Stock Traders Buy High Volume of Beacon Roofing Supply Call Options (NASDAQ:BECN)

Beacon Roofing Supply, Inc. (NASDAQ:BECN) saw unusually large options trading activity on Tuesday. Stock investors purchased 2,221 call options on the stock. This is an increase of 228% compared to the average volume of 677 call options.

Beacon Roofing Supply Stock Down 0.2 %

BECN stock opened at $121.53 on Thursday. The company has a market cap of $7.48 billion, a P/E ratio of 20.77 and a beta of 1.63. Beacon Roofing Supply has a 52 week low of $77.54 and a 52 week high of $123.65. The company’s 50-day moving average price is $116.16 and its 200 day moving average price is $103.97. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 1.60.

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 analysts’ consensus estimates of $1.66 by ($0.01). The business 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%. On average, research analysts expect that Beacon Roofing Supply will post 7.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beacon Roofing Supply

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BECN. FMR LLC raised its position in Beacon Roofing Supply by 17.6% during the third quarter. FMR LLC now owns 6,435,880 shares of the company’s stock worth $556,253,000 after acquiring an additional 963,633 shares during the last quarter. Norges Bank acquired a new position in shares of Beacon Roofing Supply in the fourth quarter valued at approximately $94,573,000. Balyasny Asset Management L.P. acquired a new position in shares of Beacon Roofing Supply in the fourth quarter valued at approximately $68,588,000. Janus Henderson Group PLC raised its position in shares of Beacon Roofing Supply by 1,449.0% in the third quarter. Janus Henderson Group PLC now owns 615,593 shares of the company’s stock valued at $53,205,000 after buying an additional 575,852 shares during the last quarter. Finally, Citigroup Inc. raised its position in shares of Beacon Roofing Supply by 1,192.1% in the third quarter. Citigroup Inc. now owns 513,692 shares of the company’s stock valued at $44,398,000 after buying an additional 473,937 shares during the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Robert W. Baird raised their price objective on shares of Beacon Roofing Supply from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. StockNews.com initiated coverage on shares of Beacon Roofing Supply in a report on Monday. They issued a “sell” rating on the stock. BMO Capital Markets lowered their target price 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. Stifel Nicolaus downgraded shares of Beacon Roofing Supply from a “buy” rating to a “hold” rating and lowered their target price for the company from $131.00 to $122.55 in a report on Friday, February 7th. Finally, Zelman & Associates downgraded shares of Beacon Roofing Supply from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $119.95.

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.