Core & Main, Inc. (NYSE:CNM) Chief Financial Officer Mark R. Witkowski has sold 50,000 shares of the company's Class A Common Stock, according to a recent SEC filing. The transactions, carried out on May 8, were executed at a weighted average price ranging from $59.0850 to $59.8800 per share, resulting in a total sale value of approximately $2.98 million.
The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid any accusations of trading on non-public, material information. This plan had been adopted by Witkowski on December 20, 2023.
In addition to the sale, the SEC filing also disclosed an exchange of securities. Specifically, Witkowski exchanged 50,000 shares of Class B Common Stock and corresponding limited partnership interests for an equal number of Class A Common Stock shares. This transaction was made pursuant to the terms of an exchange agreement, and no monetary value was associated with the exchange.
Following these transactions, Witkowski's direct holdings in Core & Main's Class A Common Stock decreased to 23,898 shares. It's important to note that this figure includes 23,898 restricted stock units (RSUs), which are contingent rights to receive shares upon vesting at future dates, as outlined in the associated Participant Restricted Stock Unit Agreements.
Investors and followers of Core & Main will likely monitor insider activities such as these, as they can provide insights into the executives' perspectives on the company's current valuation and future prospects. Core & Main specializes in wholesale distribution of durable goods and has established itself as a key player in the industry.
InvestingPro Insights
Amidst the recent insider trading activity at Core & Main, Inc. (NYSE:CNM), several metrics and InvestingPro Tips can provide investors with a deeper understanding of the company's financial health and market performance. According to InvestingPro data, Core & Main has a market capitalization of $12.08 billion and is trading at a P/E ratio of 27.83, which indicates a high earnings multiple. This could suggest that investors are expecting higher earnings growth in the future.
InvestingPro Tips highlight that the company has been aggressively buying back shares and trading near its 52-week high, with a price percentage of 98.64% of the high. This could be seen as a sign of confidence from management in the company's value and future performance. Additionally, Core & Main's strong return over the last year, with a 121.44% price total return, aligns with the company's solid financial metrics, such as a gross profit margin of 27.13% for the last twelve months as of Q4 2023.
Furthermore, the company's liquid assets exceed its short-term obligations, and it operates with a moderate level of debt, which may provide some reassurance to investors concerned about the company's financial stability. It's also worth noting that Core & Main is predicted by analysts to be profitable this year, which is consistent with the company being profitable over the last twelve months.
For investors looking for a more comprehensive analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/CNM. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights that could help inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.