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In a recent filing with the Securities and Exchange Commission, Beacon Roofing Supply Inc. (NASDAQ:BECN), a $7.5 billion market cap company trading near its 52-week high of $123.9, disclosed that Sean M. McDevitt, the company's Executive Vice President and Chief Human Resources Officer, executed a series of stock transactions on April 4, 2025. The transactions included both acquisitions and sales of Beacon Roofing's common stock.
McDevitt sold 5,882 shares at a price of $123.00 per share, resulting in a total sale value of approximately $723,486. Following this sale, McDevitt retains ownership of 6,853 shares in the company. According to InvestingPro data, the stock has shown strong momentum with a 28% return over the past six months.
Additionally, McDevitt exercised stock options to acquire shares at various prices. He acquired 3,067 shares at $58.98, 1,779 shares at $65.00, and 1,036 shares at $84.90, with the total acquisition amounting to approximately $384,483. These transactions were part of a scheduled vesting plan.
The transactions reflect McDevitt's ongoing management of his equity holdings in Beacon Roofing, as he continues to play a significant role in the company's executive team.
In other recent news, Beacon Roofing Supply has been in the spotlight due to several significant developments. The company reported preliminary first-quarter results that exceeded expectations, which coincided with its pending acquisition by QXO. QXO has raised its all-cash tender offer to $124.35 per share, a move unanimously endorsed by Beacon's board of directors. This acquisition is expected to be finalized by the end of April, contingent upon a majority of shares being tendered.
RBC Capital Markets has downgraded Beacon Roofing's stock rating from Outperform to Sector Perform, while adjusting the price target to align with the QXO offer. Similarly, Stifel analysts have increased their price target to $124.35, maintaining a Hold rating, reflecting the acquisition's valuation. In a separate development, Beacon Roofing announced the sudden resignation of James J. Gosa, its Executive Vice President and Chief Commercial Officer, with no immediate successor named.
These recent developments have positioned Beacon Roofing Supply as a focal point for investors, with the acquisition by QXO being a key driver of current market activity. Investors are advised to refer to the company’s SEC filings for more detailed information regarding these changes.
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