In a recent transaction, Mark G. Whittenburg, General Counsel and Secretary of Core & Main, Inc. (NYSE:CNM), sold 50,000 shares of the company’s Class A Common Stock at prices ranging from $53.5500 to $54.8900 per share, totaling approximately $2.7 million. This sale took place on April 19, 2024, and was executed in accordance with a pre-arranged Rule 10b5-1 trading plan established by Whittenburg on December 19, 2023.
The transactions reported in the SEC filing indicate that Whittenburg's sales represent a weighted average price of $54.0834 per share. Following the sale, Whittenburg’s direct holdings in Class A Common Stock decreased to 12,933 shares, which includes 12,933 restricted stock units (RSUs) that are set to vest on future dates ranging from 2025 to 2027.
The filing also disclosed that on the same day, Whittenburg exchanged 50,000 shares of Class B Common Stock and corresponding limited partnership interests for an equal number of Class A Common Stock shares at no cost, as per the terms of an exchange agreement. The exchange did not impact Whittenburg's overall equity stake in Core & Main, Inc. but rather converted his holdings from one class of stock to another.
Core & Main, Inc. specializes in wholesale distribution of durable goods and is based in St. Louis, Missouri. The company's stock trades on the New York Stock Exchange under the ticker symbol CNM.
InvestingPro Insights
Core & Main, Inc.'s (NYSE:CNM) recent stock activity reflects a dynamic market position, with the General Counsel's sale aligning with notable financial metrics. As of the last twelve months as of Q4 2024, the company boasts a market capitalization of $11.27 billion and trades at a P/E ratio of 25.97. This valuation is slightly elevated, given the adjusted P/E ratio for the same period stands at 28.7, which suggests the stock is trading at a high price relative to near-term earnings growth, an important consideration highlighted in our InvestingPro Tips.
InvestingPro Data also shows a strong performance with a 112.08% return on the stock price over the last year and an impressive 30.8% return over the last three months. This could indicate a bullish sentiment among investors and aligns with the InvestingPro Tip that highlights the company's robust return over the past year. Additionally, Core & Main operates with a moderate level of debt and its liquid assets exceed short-term obligations, which may provide investors with confidence in the company's financial stability.
For those interested in a deeper dive into Core & Main's financial health and stock performance, InvestingPro offers additional tips and real-time metrics. There are currently 11 more InvestingPro Tips available for CNM at Investing.com/pro/CNM, which can be accessed with an exclusive offer. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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