John R. Schaller, Executive Vice President of Core & Main, Inc. (NYSE:CNM), reported the sale of a significant amount of the company's Class A common stock, according to a recent SEC filing. Schaller sold shares totaling approximately $3.06 million. The transactions occurred on January 10, 2025, with the stock prices ranging from $50.5584 to $51.4117 per share.
In addition to the sales, Schaller also reported the acquisition of shares through option exercises. These acquisitions amounted to a total value of approximately $1.29 million, with prices ranging from $20.81 to $22.11 per share. These transactions were part of a pre-established Rule 10b5-1 trading plan adopted by Schaller in October 2024. InvestingPro data shows management has been actively buying back shares, while the company maintains strong financials with a current ratio of 2.14, indicating robust liquidity.
Following these transactions, Schaller's direct ownership of Core & Main's Class A common stock stands at 17,898 shares.
In other recent news, Core & Main, a distributor of water, sewer, and fire protection products, 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 use these funds, along with an additional $200 million in Supplemental Term Loans, to repay existing debts and manage transaction-related costs. The loans carry a floating interest rate and are due at maturity on February 9, 2031.
In addition to this financial move, Core & Main's third-quarter fiscal 2024 report showed revenues and adjusted EBITDA surpassing estimates, prompting several financial firms to adjust their outlooks. BofA Securities has raised its price target to $40 while maintaining an Underperform rating. RBC Capital maintained an Outperform rating and increased its price target to $62, acknowledging Core & Main's ability to maintain pricing power.
Baird also maintained an Outperform rating and increased the price target to $66, citing management's optimistic outlook for fiscal year 2025. Goldman Sachs held a Neutral stance with a consistent price target of $57, acknowledging the company's strong third-quarter performance and increased EBITDA guidance for FY24. 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.
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