Bullish indicating open at $55-$60, IPO prices at $37
Christine Stroh Reddy, Executive Vice President and General Counsel at Beacon Roofing Supply Inc. (NASDAQ:BECN), recently sold 6,196 shares of the company's common stock. The transaction, dated April 4, 2025, was executed at a price of $123.46 per share, amounting to a total value of $764,958. The sale occurred as BECN shares trade near their 52-week high of $123.90, with the stock showing impressive momentum, gaining over 28% in the past six months. According to InvestingPro analysis, the company appears to be trading above its Fair Value, with a P/E ratio of 21.
In addition to the sale, Reddy also exercised stock options to acquire a total of 6,196 shares at prices ranging from $58.98 to $84.90 per share. Following these transactions, Reddy's direct ownership stands at 6,097 shares in the $7.5 billion market cap company. For deeper insights into BECN's valuation and 8 additional exclusive ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Beacon Roofing Supply reported preliminary first-quarter results that exceeded expectations, according to additional disclosures related to its pending acquisition by QXO. The acquisition offer from QXO has been increased to $124.35 per share, aligning with the terms of the definitive merger agreement previously announced. This revised offer has received unanimous endorsement from Beacon's board of directors, and the transaction is expected to close by the end of April, contingent on a majority of shares being tendered. RBC Capital Markets downgraded Beacon Roofing's stock rating from Outperform to Sector Perform, with the new price target set at $124.35, reflecting the acquisition price. Stifel also adjusted its price target to $124.35 while maintaining a Hold rating, citing factors such as market uncertainty and the absence of a strategic acquirer. Additionally, Beacon Roofing announced the sudden resignation of Executive Vice President and Chief Commercial Officer James J. Gosa, effective March 20, 2025. The company has not provided further details about Gosa's departure or a successor. These developments indicate significant changes for Beacon Roofing Supply as it moves towards finalizing its acquisition by QXO.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.