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Bradford A. Cowles, the President of Core & Main, Inc. (NYSE:CNM), recently executed a significant stock transaction. According to a Form 4 filing with the Securities and Exchange Commission, Cowles sold 25,000 shares of Class A common stock on February 10, 2025. The shares were sold at a weighted average price of $54.4833 per share, amounting to a total sale value of approximately $1.36 million.
Following this transaction, Cowles holds 16,010 shares of Core & Main’s Class A common stock. This sale was conducted under a pre-established Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan for selling stocks. The trading plan was adopted by Cowles on October 11, 2024.
Additionally, Cowles was involved in several other transactions on the same day, including the exchange of 25,000 shares of Class B common stock and limited partnership interests for Class A common stock, as per the terms of an existing exchange agreement. These transactions did not involve any cash exchange, maintaining the one-for-one basis of the exchange agreement. The company’s stock currently trades at a P/E ratio of 25x, with analysts maintaining a consensus hold recommendation and projecting earnings growth for the year ahead.
In other recent news, Core & Main, Inc. has secured approximately $744 million in new Tranche E Term Loans, according to a recent filing with the Securities and Exchange Commission. This strategic financial move is aimed at optimizing the company’s capital structure and maintaining financial flexibility.
In other developments, BofA Securities has adjusted its outlook on Core & Main by increasing its price target to $40.00, while maintaining an Underperform rating. This follows Core & Main’s third-quarter fiscal 2024 report, which showed revenues and adjusted EBITDA surpassing consensus estimates.
RBC Capital has also maintained its Outperform rating on Core & Main and increased its price target to $62.00, following the company’s third-quarter earnings surpassing expectations. Similarly, Baird maintained its Outperform rating on Core & Main and increased the price target to $66 from the previous $60, following the company’s strong third-quarter fiscal year 2024 earnings report.
Finally, Goldman Sachs maintained a Neutral stance on Core & Main with a consistent price target of $57.00, recognizing the company’s strong performance in the third quarter of 2024. The firm noted that the adjusted EBITDA of $277 million exceeded the Visible Alpha Consensus Data by 6%, prompting Core & Main to revise its full-year 2024 EBITDA forecast to a range of $915 million to $935 million.
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