ST. LOUIS—Core & Main, Inc. (NYSE:CNM) has reported significant stock transactions by its General Counsel and Secretary, Mark Whittenburg, according to a recent SEC filing. On January 10, 2025, Whittenburg sold 50,000 shares of Class A Common Stock at an average price of $50.49 per share, totaling approximately $2.52 million. These sales were conducted under a pre-established Rule 10b5-1 trading plan.
Additionally, Whittenburg engaged in several other transactions, including the acquisition of 46,452 shares of Class A Common Stock through an exchange agreement, which involved converting Class B Common Stock and limited partnership interests into Class A shares. This exchange was performed on a one-for-one basis and did not involve any cash consideration. InvestingPro data shows the company maintains strong liquidity with a current ratio of 2.14, indicating robust financial health.
The filing also detailed prior transactions from March 2023 and March 2024, where shares were forfeited to cover tax withholdings upon the vesting of restricted stock units (RSUs). These transactions involved prices ranging from $21.45 to $48.29 per share, with a total value of $66,589.
Following these transactions, Whittenburg's direct ownership in Core & Main stands at 7,667 shares of Class A Common Stock.
In other recent news, Core & Main, Inc. 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 also secured an additional $200 million in Supplemental Term Loans. The funds will be utilized to repay existing debts and cover related fees and expenses. Core & Main's Q3 fiscal 2024 report showed revenues and adjusted EBITDA surpassing consensus estimates. Several financial firms have been closely following the company's performance. BofA Securities maintained an Underperform rating but raised its price target to $40. RBC Capital maintained an Outperform rating and increased the price target to $62. Baird also maintained an Outperform rating, raising the price target to $66. Goldman Sachs held a Neutral stance with a consistent price target of $57. These recent developments are crucial for investors interested in Core & Main's financial trajectory.
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