ST. LOUIS—Core & Main, Inc. (NYSE:CNM) President Bradford A. Cowles recently executed significant stock transactions, according to a recent SEC filing. On January 14, Cowles sold 12,500 shares of Class A Common Stock at a weighted average price of $54.0716 per share, totaling approximately $675,895. This follows a similar transaction on January 10, where Cowles sold another 12,500 shares at a weighted average price of $50.4952 per share, amounting to roughly $632,190.
The transactions were part of a pre-arranged trading plan under Rule 10b5-1, adopted on October 11, 2024. These sales, totaling about $1.31 million, were executed as part of Cowles' ongoing management of his holdings in the company.
Following these transactions, Cowles holds 16,010 shares of Class A Common Stock directly. Additionally, he remains involved with Management Feeder, LLC, holding securities indirectly.
Cowles' stock activity reflects a strategic approach to managing his equity in Core & Main, a leading distributor of water, wastewater, storm drainage, and fire protection products.
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. The company intends to use these funds, along with an additional $200 million in Supplemental Term Loans, to repay existing debts and cover related expenses. The new loans carry a floating interest rate and are due to mature by February 2031.
In addition, Core & Main has been the subject of several financial firms' attention following their third-quarter fiscal 2024 report, which showed revenues and adjusted EBITDA surpassing consensus estimates. Analysts from BofA Securities, RBC Capital, Baird, and Goldman Sachs have all adjusted their outlooks on the company, with some increasing their price targets.
These recent developments should be considered by investors interested in Core & Main's financial trajectory. The company's strategic financial moves and strong third-quarter performance, as analyzed by firms such as BofA Securities, RBC Capital, Baird, and Goldman Sachs, provide insight into the company's recent performance and future expectations.
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