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ST. LOUIS—John Weldon Stephens, the Chief Accounting Officer of Core & Main, Inc. (NYSE:CNM), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Stephens sold 41,963 shares of Class A Common Stock on April 2, 2025, at a weighted average price of $50.484 per share. This transaction amounted to approximately $2.12 million.
Following this sale, Stephens retains 4,120 shares of Class A Common Stock. The sale was conducted under a Rule 10b5-1 trading plan, which Stephens adopted on December 18, 2024. This plan allows insiders to set up a predetermined schedule for selling company stock to avoid any potential conflicts of interest.
In addition to the sale, the filing noted that Stephens exchanged 41,963 shares of Class B Common Stock and limited partnership interests for Class A Common Stock on a one-for-one basis. This transaction was part of an ongoing exchange agreement dating back to July 22, 2021.
Core & Main, headquartered in St. Louis, is a leading provider of water, wastewater, storm drainage, and fire protection products in the United States. The company continues to be a significant player in the wholesale distribution of durable goods.
In other recent news, Core & Main Inc. reported its fourth-quarter earnings, with adjusted EBITDA reaching $179 million, aligning with analyst expectations. The company forecasted revenues between $7.6 billion and $7.8 billion for fiscal year 2025, with EBITDA projected to range from $950 million to $1 billion. RBC Capital Markets adjusted its price target for Core & Main to $60, citing a slight decrease in expected EBITDA for 2025, while maintaining an Outperform rating. Goldman Sachs also revised its price target to $56, maintaining a Neutral rating, and noted that Core & Main’s gross margins remained stable at 26.6%.
Barclays (LON:BARC) maintained an Overweight rating on Core & Main with a $65 price target, highlighting the company’s stable gross margins and revenue performance slightly exceeding expectations. JPMorgan reiterated an Overweight rating with a $54 price target, noting Core & Main’s 17.9% sales growth and the unexpected management changes involving the transition of the CFO to CEO. Truist Securities kept a Hold rating with a $56 price target, acknowledging the company’s cautious optimism amid a stable pricing environment. These developments reflect a varied response from analysts, with some adjusting price targets while others maintain their ratings based on Core & Main’s financial results and guidance.
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