Adage Capital Partners GP L.L.C. Purchases Shares of 110,000 Core & Main, Inc. $CNM

Adage Capital Partners GP L.L.C. bought a new stake in Core & Main, Inc. (NYSE:CNM - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 110,000 shares of the company's stock, valued at approximately $5,314,000. Adage Capital Partners GP L.L.C. owned about 0.06% of Core & Main at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its position in Core & Main by 3.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock worth $343,000 after purchasing an additional 229 shares in the last quarter. Truist Financial Corp lifted its stake in Core & Main by 21.2% in the 1st quarter. Truist Financial Corp now owns 705,339 shares of the company's stock worth $34,075,000 after acquiring an additional 123,494 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Core & Main by 6.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 159,896 shares of the company's stock valued at $7,725,000 after acquiring an additional 9,473 shares during the last quarter. Perpetual Ltd lifted its position in shares of Core & Main by 12.4% during the 1st quarter. Perpetual Ltd now owns 223,671 shares of the company's stock worth $10,806,000 after buying an additional 24,610 shares during the period. Finally, New York State Teachers Retirement System increased its stake in shares of Core & Main by 53.7% in the 1st quarter. New York State Teachers Retirement System now owns 86,679 shares of the company's stock valued at $4,187,000 after buying an additional 30,286 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Core & Main

In related news, insider Stephen O. Leclair sold 44,972 shares of Core & Main stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $61.91, for a total transaction of $2,784,216.52. Following the completion of the transaction, the insider directly owned 70,736 shares of the company's stock, valued at $4,379,265.76. This trade represents a 38.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mark R. Witkowski sold 100,000 shares of Core & Main stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the completion of the transaction, the chief executive officer directly owned 35,847 shares in the company, valued at approximately $2,297,075.76. The trade was a 73.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold 422,956 shares of company stock worth $26,343,241 in the last three months. Insiders own 3.53% of the company's stock.

Core & Main Trading Up 0.3%

NYSE:CNM traded up $0.14 on Friday, hitting $49.59. The stock had a trading volume of 956,840 shares, compared to its average volume of 2,097,909. Core & Main, Inc. has a 1-year low of $39.86 and a 1-year high of $67.18. The company has a fifty day moving average price of $63.12 and a two-hundred day moving average price of $56.02. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 22.13, a PEG ratio of 1.45 and a beta of 1.04. The company has a quick ratio of 1.10, a current ratio of 2.25 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM - Get Free Report) last issued its earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.08. The business had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The business's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. Equities research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CNM shares. Truist Financial dropped their target price on Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday. JPMorgan Chase & Co. cut their target price on Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday. Royal Bank Of Canada cut their price target on Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research note on Wednesday. Wells Fargo & Company cut their target price on Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, Barclays cut their price target on Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $59.30.

Core & Main Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.