Margaret Newman, a director at Core & Main, Inc. (NYSE:CNM), recently sold shares in the company valued at approximately $828,687. The transaction, dated December 3, 2024, involved the sale of 15,000 shares of Class A common stock at a weighted average price of $55.2458 per share, with prices ranging from $54.9600 to $55.6650. This sale was executed under a pre-established Rule 10b5-1 trading plan, which allows insiders to set a schedule for selling shares in advance, helping to avoid concerns about insider trading. Following this transaction, Newman holds 11,769 shares directly. While this insider sale occurred, InvestingPro data reveals management has been actively buying back shares, and the company maintains a GREAT financial health score. Discover 12 additional exclusive insights about Core & Main with an InvestingPro subscription, including detailed valuation metrics and growth forecasts.
In other recent news, Core & Main Inc. has been the focus of several analyst adjustments following its strong third-quarter fiscal 2024 performance. Revenues and adjusted EBITDA surpassed consensus estimates, prompting upward revisions in full-year 2024 revenue guidance by $50 million and adjusted EBITDA forecast by $10 million. These positive results were largely attributed to recent acquisitions and deferred revenues recognition from the second quarter.
BofA Securities maintained an Underperform rating, despite raising the price target to $40, citing the company's higher financial leverage and slower near-term EBITDA growth trajectory. In contrast, RBC Capital and Baird both upheld their Outperform ratings, with price targets increased to $62 and $66, respectively, citing the company's ability to maintain pricing power and strong future outlook.
Goldman Sachs (NYSE:GS) held a Neutral stance, recognizing the company's robust third-quarter outcomes and revised full-year 2024 EBITDA forecast. The firm also highlighted Core & Main's strategy for fiscal year 2025, which aims for 2-4% growth above the market. Lastly, Truist Securities maintained a Hold rating but increased the price target to $56, noting the company's recent performance and expectations for the coming quarter.
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