Stock Traders Purchase Large Volume of Call Options on Blue Buffalo Pet Products (BUFF)

Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) was the target of some unusual options trading on Thursday. Stock traders bought 5,024 call options on the company. This represents an increase of approximately Infinity compared to the average daily volume of 0 call options.

Shares of Blue Buffalo Pet Products (NASDAQ BUFF) opened at $27.18 on Tuesday. Blue Buffalo Pet Products has a fifty-two week low of $21.51 and a fifty-two week high of $29.84. The stock has a market capitalization of $5,307.25, a PE ratio of 30.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.94. The company has a quick ratio of 3.62, a current ratio of 4.22 and a debt-to-equity ratio of 1.61.

Blue Buffalo Pet Products (NASDAQ:BUFF) last announced its quarterly earnings results on Tuesday, November 7th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.02. Blue Buffalo Pet Products had a return on equity of 86.23% and a net margin of 14.17%. The company had revenue of $340.85 million during the quarter, compared to the consensus estimate of $323.05 million. During the same period in the prior year, the company earned $0.22 earnings per share. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. sell-side analysts predict that Blue Buffalo Pet Products will post 0.91 EPS for the current fiscal year.

Blue Buffalo Pet Products declared that its board has authorized a stock repurchase program on Tuesday, August 8th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 1.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

In related news, CFO Michael Nathenson sold 50,000 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $25.00, for a total value of $1,250,000.00. Following the completion of the sale, the chief financial officer now owns 50,000 shares in the company, valued at $1,250,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William W. Bishop, Jr. sold 21,655 shares of the company’s stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $28.78, for a total value of $623,230.90. The disclosure for this sale can be found here. Insiders sold 229,927 shares of company stock valued at $5,965,929 in the last quarter. 7.70% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Blue Buffalo Pet Products by 4.6% during the second quarter. Vanguard Group Inc. now owns 7,072,744 shares of the company’s stock worth $161,330,000 after buying an additional 310,094 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Blue Buffalo Pet Products by 50.3% during the second quarter. Bank of New York Mellon Corp now owns 5,235,035 shares of the company’s stock worth $119,411,000 after buying an additional 1,752,086 shares during the period. FMR LLC boosted its position in shares of Blue Buffalo Pet Products by 360.6% during the second quarter. FMR LLC now owns 3,320,428 shares of the company’s stock worth $75,739,000 after buying an additional 2,599,478 shares during the period. Renaissance Technologies LLC boosted its position in shares of Blue Buffalo Pet Products by 22.0% during the second quarter. Renaissance Technologies LLC now owns 2,715,500 shares of the company’s stock worth $61,941,000 after buying an additional 488,800 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of Blue Buffalo Pet Products by 14.8% during the third quarter. Wells Fargo & Company MN now owns 2,448,233 shares of the company’s stock worth $69,409,000 after buying an additional 314,874 shares during the period. 88.82% of the stock is owned by institutional investors.

A number of equities research analysts recently commented on BUFF shares. TheStreet upgraded Blue Buffalo Pet Products from a “c” rating to a “b-” rating in a report on Friday, August 11th. Susquehanna Bancshares Inc reiterated a “buy” rating and issued a $30.00 price objective (down previously from $32.00) on shares of Blue Buffalo Pet Products in a report on Monday, August 7th. Barclays PLC reiterated a “buy” rating and issued a $27.00 price objective on shares of Blue Buffalo Pet Products in a report on Friday, August 11th. Gabelli started coverage on Blue Buffalo Pet Products in a report on Wednesday, September 6th. They issued a “buy” rating and a $33.00 price objective for the company. Finally, Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $32.00 price objective (up previously from $25.00) on shares of Blue Buffalo Pet Products in a report on Wednesday, September 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $29.80.

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About Blue Buffalo Pet Products

Blue Buffalo Pet Products, Inc (BBPP) is a holding company. The Company operates as a pet food company. The Company, through its subsidiaries, develops, produces, markets and sells pet food under product lines, including BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet lines.

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