Beacon Roofing Supply sees unusually large volume of options (NASDAQ: BECN)

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Beacon Roofing Supply, Inc. (NASDAQ: BECN) received some unusual options on Tuesday. Equity investors purchased 602 put options on the company. This corresponds to an increase of approx. 826% compared to the typical daily volume of 65 put options.

BECN stock opened at $ 41.49 on Wednesday. The company has a current rate of 1.82, a quick rate of 1.25, and a leverage ratio of 1.56. The company has a market cap of $ 2.88 billion, a PE ratio of -25.15, and a beta of 1.97. Beacon Roofing Supply has a 1 year low of $ 11.66 and a 1 year high of $ 44.33. The company has a 50-day simple moving average of $ 40.90 and a 200-day simple moving average of $ 34.78.

Beacon Roofing Supply (NASDAQ: BECN) last released its quarterly results on Wednesday, November 18th. The company reported earnings per share for the quarter of $ 1.32, beating Zacks’ consensus estimate of $ 0.99 by $ 0.33. The company had revenue of $ 2.02 billion for the quarter, compared to analyst estimates of $ 2.02 billion. Beacon Roofing Supply had a negative net margin of 1.16% and a positive return on equity of 10.89%. For the same quarter last year, the company posted earnings of $ 1.04 per share. Analysts as a group forecast that Beacon Roofing Supply will post an EPS of 2.97 for the current fiscal year.

A number of institutional investors have recently changed their holdings in BECN. FMR LLC increased its stake in Beacon Roofing Supply by 48.0% in the second quarter. FMR LLC now owns 5,241,792 shares in the company valued at $ 138,226,000 after purchasing an additional 1,698,845 shares last quarter. Fisher Asset Management LLC increased its position in Beacon Roofing Supply by 41.7% in the third quarter. Fisher Asset Management LLC now owns 1,590,543 shares in the company valued at $ 49,418,000 after purchasing an additional 467,755 shares last quarter. Granite Investment Partners LLC acquired a new stake in Beacon Roofing Supply valued at approximately $ 13,967,000 in the third quarter. The New York State Common Retirement Fund increased its stake in Beacon Roofing Supply by 7.9% in the third quarter. The New York State Common Retirement Fund now owns 398,296 shares in the company, valued at $ 12,375,000, after purchasing an additional 28,992 shares last quarter. Finally, Skylands Capital LLC increased its stake in Beacon Roofing Supply by 18.3% in the third quarter. Skylands Capital LLC now owns 347,100 shares of the company valued at $ 10,784,000 after purchasing an additional 53,575 shares last quarter.

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A number of equity analysts have weighed on the company. William Blair upgraded Beacon Roofing Supply from a “Market Perform” rating to an “Outperform” rating in a report on Tuesday, October 6th. BMO Capital Markets took over reporting on Beacon Roofing Supply in a research note on Wednesday, January 13th. They set a “market perform” rating and a target price of $ 47.00 for the company. Loop Capital raised its price target for Beacon Roofing Supply from USD 42.00 to USD 46.00 and gave the stock a “Buy” rating in a research note on Friday, November 20. The Royal Bank of Canada raised its target price on shares of Beacon Roofing Supply from USD 26.00 to USD 33.00 and rated the company as “underperform” in a research note on Friday, November 20. Finally, Robert W. Baird raised his price target for Beacon Roofing Supply from $ 43.00 to $ 48.00 and rated the stock as “Outperform” in a research report on Friday, November 20th. Two research analysts for stocks have given the stock a sell rating, six have a hold rating and eight have given the stock a buy rating. Beacon Roofing Supply currently has an average rating of “Hold” and a consensus price target of $ 36.03.

About Beacon Roofing Supply

Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and non-residential roofing materials and ancillary construction products to contractors, home builders, builders and retailers. The company’s residential roofing products include asphalt shingles, synthetic slate and brick, clay and concrete tile, slate, nail base insulation, metal roofing, felt, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edging and siding, pre-made moldings, ridges and Reveal openings and solar systems.

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