ST. LOUIS—Core & Main, Inc. (NYSE:CNM) Chairman Bradford A. Cowles recently made significant stock transactions, according to a recent filing with the SEC. On January 14, Cowles sold 12,500 shares of Class A common stock at a weighted average price of $54.0716 per share, for a total of 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, which is approximately $632,190.
The transactions were part of a prearranged trading plan pursuant to Rule 10b5-1, adopted on October 11, 2024. These sales, totaling approximately $1.31 million, were made as part of Cowles’ ongoing management of his interests in the company.
Following these transactions, Cowles directly holds 16,010 shares of Class A common stock. In addition, he remains involved in Management Feeder, LLC, indirectly holding the securities.
Cowles’ stock activity reflects a strategic approach to managing his capital at Core & Main, a leading distributor of water, wastewater, stormwater and fire protection products.
In other recent news, Core & Main, Inc. has secured approximately $744 million in new tranches of 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 additional term loans, to repay existing debt and cover related expenses. The new loans have a variable interest rate and are due until February 2031.
In addition, Core & Main has been the focus of several financial firms following its fiscal 2024 third quarter report, which showed revenue and adjusted EBITDA beating consensus estimates. Analysts at BofA Securities, RBC Capital, Baird and Goldman Sachs all adjusted their views on the company, with some increasing their price targets.
Investors interested in Core & Main’s financial trajectory should consider these recent developments. The company’s strategic financial moves and strong third-quarter performance, 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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