Stephen O. LeClair, the Chief Executive Officer of Core & Main, Inc. (NYSE:CNM), recently sold 200,000 shares of Class A common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $54.88, totaling approximately $10.98 million. This transaction was conducted under a pre-established trading plan, as noted in the filing.
Following the sale, LeClair holds 92,349 shares of Class A common stock directly. The transaction was part of a series of movements involving both Class A and Class B common stock. On the same day, 200,000 shares of Class B common stock were exchanged for Class A shares on a one-for-one basis, as per an existing exchange agreement. InvestingPro reveals 13 additional key insights about Core & Main's performance and valuation, including management's aggressive share buyback program.
These transactions are part of routine financial maneuvers by executives and do not necessarily indicate any change in the company's business outlook. Core & Main, headquartered in St. Louis, Missouri, is a leading distributor of water, sewer, and fire protection products in the United States.
In other recent news, Core & Main Inc. has been the subject of multiple analyst reviews following its third-quarter fiscal 2024 report. BofA Securities maintained an Underperform rating but increased the price target to $40, citing strong revenues and adjusted EBITDA results, bolstered by recent acquisitions and deferred revenues. The firm also noted the company's upward revision of full-year 2024 revenue guidance to between $7.35 billion and $7.45 billion.
Concurrently, RBC Capital maintained its Outperform rating and increased its price target to $62, acknowledging Core & Main's ability to maintain pricing power and pointing towards a potential upside to EBITDA projections. In a similar vein, Baird also maintained an Outperform rating and upgraded the price target to $66, highlighting the company's optimistic outlook for fiscal year 2025 and diminishing investor concerns.
Goldman Sachs (NYSE:GS) maintained a Neutral stance with a consistent price target of $57, recognizing the company's strong third-quarter performance and revised full-year 2024 EBITDA forecast. The firm also noted Core & Main's strategic plans for fiscal year 2025, which include achieving 2-4% growth above the market.
Lastly, Truist Securities maintained a Hold rating but increased the price target to $56, attributing the stock's significant uptick to a recovery from a sell-off prompted by litigation news involving PVC producers. These recent developments reflect analyst sentiments on Core & Main's performance and future prospects in the market.
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