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Mark Whittenburg, General Counsel and Secretary of Core & Main, Inc. (NYSE:CNM), executed significant stock transactions as reported in a recent SEC filing. On January 15 and 16, Whittenburg sold a total of 49,000 shares of Class A common stock, generating approximately $2.76 million. The shares were sold at an average price range between $55.1297 and $55.2858 per share.
The transactions were conducted under a pre-established Rule 10b5-1 trading plan, which allows insiders to sell shares at predetermined times to avoid potential accusations of insider trading. Following these sales, Whittenburg retains ownership of 7,667 unvested restricted stock units, which will vest in various installments over the coming years. According to InvestingPro analysis, Core & Main maintains a GREAT financial health score and appears overvalued at current levels, trading at a P/E ratio of 25.6. Discover 10+ additional exclusive insights and comprehensive analysis available through InvestingPro's detailed research reports.
In other recent news, Core & Main, Inc. has secured approximately $744 million in new Tranche E Term Loans, as per a recent 8-K filing with the Securities and Exchange Commission. The company plans to utilize these funds, along with additional $200 million in Supplemental Term Loans, to repay existing debts and manage related expenses. The new loans carry a floating interest rate and are due at maturity on February 9, 2031.
Core & Main has also been the subject of multiple financial firms' analyses following their third-quarter fiscal 2024 report. BofA Securities raised its price target to $40 maintaining an Underperform rating, while RBC Capital maintained an Outperform rating and increased its price target to $62. Baird also maintained an Outperform rating, increasing the price target to $66, and Goldman Sachs held a Neutral stance with a consistent price target of $57. Lastly, Truist Securities increased its price target to $56 while maintaining a Hold rating.
These are recent developments and should be considered by investors interested in Core & Main's financial trajectory. The analyses from firms such as BofA Securities, RBC Capital, Baird, Goldman Sachs, and Truist Securities provide insight into the company's performance and future expectations.
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