Form 4: Core & Main Executive Bradford A. Cowles Executes Stock Transactions
SEC Form 4
Bradford A. Cowles, President of Core & Main, Inc., reports the exchange and sale of Class A Common Stock and related transactions.
Summary
- On February 10, 2025, Bradford A. Cowles, President of Core & Main, Inc., engaged in multiple transactions involving the company's stock.
- He exchanged 25,000 shares of Class B common stock and limited partnership interests for 25,000 shares of Class A common stock.
- Cowles also sold 25,000 shares of Class A common stock at a weighted average price of $54.4833 per share, with prices ranging from $54.1100 to $54.8750.
- Following these transactions, Cowles directly owns 16,010 shares of Class A common stock and indirectly owns 798,456 shares through Management Feeder, LLC.
- The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on October 11, 2024.
- Cowles also holds restricted stock units (RSUs), with 4,913 shares vested and 11,097 remaining unvested.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
This Form 4 filing is a routine disclosure of insider transactions, providing transparency to investors regarding the trading activities of company executives. It's a standard practice for publicly traded companies.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and are required by the SEC to ensure transparency in insider trading.
- The Rule 10b5-1 trading plan is a common tool used by executives to sell shares in a pre-planned manner, avoiding accusations of trading on inside information.
- Comparable companies such as Ferguson plc and Watsco, Inc. also have executives who regularly file Form 4s related to stock transactions.
Stakeholder Impact
- The stock sale could have a minor impact on shareholders, potentially creating slight downward pressure on the stock price in the short term.
- The transactions do not appear to have a direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| July 22, 2021 | Date of the original Exchange Agreement. |
| March 11, 2022 | Date of RSU grant, vesting on March 11, 2025. |
| March 10, 2023 | Date of RSU grant, vesting in two equal installments on March 10, 2025 and March 10, 2026. |
| February 13, 2024 | Date of the Fourth Amended and Restated LLC Agreement of Core & Main Management Feeder, LLC. |
| March 7, 2024 | Date of RSU grant, vesting in three equal installments on March 7, 2025, March 7, 2026 and March 7, 2027. |
| October 11, 2024 | Date the reporting person adopted a Rule 10b5-1 trading plan. |
| February 10, 2025 | Date of the Class B to Class A stock exchange and Class A stock sale. |
| February 12, 2025 | Date of the Form 4 signature. |
Keywords
Core & Main, Bradford Cowles, Class A Common Stock, Class B Common Stock, Insider Trading, Form 4, Stock Sale, Restricted Stock Units, Rule 10b5-1, Management Feeder LLC
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