Principal and general counsel Mark Whittenburg is selling $2.52M worth of shares to Investing.com
ST. LOUIS—Core & Main, Inc. (NYSE:CNM) reported significant stock transactions by its general counsel and secretary, Mark Whittenburg, according to a recent filing with the SEC. On January 10, 2025, Whittenburg sold 50,000 shares of Class A Common Stock at an average price of $50.49 per share, for a total of approximately $2.52 million. These sales were made according to a predetermined trading plan of Rule 10b5-1.
Additionally, Whittenburg participated in several other transactions, including the acquisition of 46,452 shares of Class A Common Stock through an exchange agreement, which included the conversion of Class B Common Stock and limited partnership interests into Class A shares. This exchange was done on a one-for-one basis and did not involve any cash compensation. InvestingPro The data shows that the company maintains strong liquidity with a current ratio of 2.14, indicating good financial health.
The filing also details previous transactions from March 2023 and March 2024, where shares were forfeited to cover withholding taxes upon the vesting of restricted stock units (RSUs). These transactions involved prices ranging from $21.45 to $48.29 per share, for a total value of $66,589.
Following these transactions, Whittenburg’s direct ownership in Core & Main is 7,667 shares of Class A common stock.
In other recent news, Core & Main, Inc. has secured approximately $744 million in new tranches of E-term loans, according to a recent 8-K filing with the Securities and Exchange Commission. The company also secured an additional $200 million in additional term loans. The funds will be used to pay off existing debts and cover related fees and expenses. Core & Main’s report for the third quarter of fiscal 2024 showed that revenue and adjusted EBITDA beat consensus estimates. Several financial firms have been closely monitoring the company’s operations. BofA Securities maintained its Underperform rating but raised its price target to $40. RBC Capital maintained its Outperform rating and raised its target price to $62. Baird also maintained its Outperform rating, raising its price target to $66. Goldman Sachs maintained a neutral stance with a consistent price target of $57. These recent developments are key for investors interested in Core & Main’s financial trajectory.
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