Jeffrey D. Giles, Executive Vice President of Core & Main, Inc. (NYSE:CNM), recently sold 25,000 shares of the company's Class A common stock. The shares were sold at an average price of $54.71, totaling approximately $1.37 million. This transaction was conducted under a Rule 10b5-1 trading plan, which Giles adopted on July 11, 2024. Following the sale, Giles holds 11,615 shares directly.
In addition to the sale, Giles conducted other transactions involving the company's stock. He redeemed 22,259 shares of Class B common stock and limited partnership interests for an equal number of Class A shares, as part of an exchange agreement. These actions reflect Giles' ongoing management of his holdings in Core & Main, a company based in St. Louis, Missouri, specializing in wholesale durable goods.
In other recent news, Core & Main Inc. has seen several adjustments to its stock price targets following its strong third-quarter fiscal 2024 performance. BofA Securities raised its price target to $40, while maintaining an Underperform rating, citing the company's surpassing of revenue and adjusted EBITDA consensus estimates. RBC Capital also increased its price target to $62, maintaining an Outperform rating, after the company's earnings surpassed expectations.
In the wake of Core & Main's strong Q3 results, Baird upgraded the company's stock target to $66 and maintained an Outperform rating. Goldman Sachs held its Neutral stance on the company with a consistent price target of $57, recognizing the company's robust Q3 performance. Lastly, Truist Securities increased the company's price target to $56, maintaining a Hold rating, in response to the company's recent performance.
These recent developments reflect the company's upwardly revised full-year 2024 revenue guidance, now expected to be between $7.35 billion and $7.45 billion, and the adjusted EBITDA forecast, now aiming for $915 million to $935 million. The company's management has also outlined a strategic framework for 2025, targeting a year-over-year revenue growth of approximately 6-8% and an adjusted EBITDA margin expansion of 30-50 basis points.
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