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 (TSX:RY) Capital, Baird, and Goldman Sachs (NYSE:GS) 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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