Core & Main, Inc. (NYSE:CNM) President Bradford A. Cowles recently sold 50,000 shares of the company's Class A common stock. The sale, executed on December 3, 2024, was conducted at a weighted average price of $55.0656 per share, totaling approximately $2.75 million. This transaction was part of a previously established Rule 10b5-1 trading plan adopted in March 2024.
Following the sale, Cowles holds 18,423 shares of Class A common stock. These include restricted stock units that are contingent on continued employment with Core & Main through specified vesting dates. The transaction was executed as part of an exchange agreement, allowing Cowles to convert Class B common stock and limited partnership interests into Class A shares.
In other recent news, Core & Main has been the focus of several analyst adjustments following its third-quarter fiscal 2024 report. BofA Securities maintained an Underperform rating but raised the price target to $40.00, citing recent acquisitions and deferred revenues. The company's management has revised its full-year 2024 revenue guidance upwards by $50 million and lifted the adjusted EBITDA forecast by $10 million at the midpoint.
On another note, RBC Capital maintained its Outperform rating and increased its price target to $62.00. The firm noted Core & Main's ability to maintain pricing power and signaled a turning point in gross margin percentage.
Baird also maintained an Outperform rating and raised the price target to $66, highlighting the positive reception of Core & Main's earnings report. Goldman Sachs (NYSE:GS) held a Neutral stance with a consistent price target of $57.00, acknowledging the company's strong third-quarter performance with adjusted EBITDA surpassing consensus estimates.
Lastly, Truist Securities increased the price target to $56.00 while maintaining a Hold rating, attributing the stock's significant uptick to a recovery from a sell-off prompted by litigation news involving PVC producers. These are the recent developments concerning Core & Main.
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