Core & Main, Inc. $CNM Shares Sold by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. has significantly reduced its stake in Core & Main, Inc. by 50.9%, selling 28,743 shares and leaving it with 27,681 shares valued at approximately $1.34 million.
• Several other institutional investors, including Bank of America Corp and D. E. Shaw & Co. Inc., have increased their holdings in Core & Main, indicating strong institutional interest with 94.19% of the stock owned by hedge funds and investors.
• Core & Main recently reported earnings that surpassed analysts' expectations, with an EPS of $0.87, even as revenue slightly missed projections at $2.09 billion, showcasing a year-over-year revenue growth of 6.6%.

Advisors Asset Management Inc. reduced its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 50.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,681 shares of the company's stock after selling 28,743 shares during the quarter. Advisors Asset Management Inc.'s holdings in Core & Main were worth $1,337,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Fiduciary Management Inc. WI boosted its stake in shares of Core & Main by 0.3% during the 1st quarter. Fiduciary Management Inc. WI now owns 2,841,734 shares of the company's stock worth $137,284,000 after acquiring an additional 8,052 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Core & Main by 12.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,232,542 shares of the company's stock worth $107,857,000 after acquiring an additional 244,500 shares in the last quarter. Artemis Investment Management LLP boosted its stake in shares of Core & Main by 109.6% during the 1st quarter. Artemis Investment Management LLP now owns 1,791,935 shares of the company's stock worth $86,568,000 after acquiring an additional 936,863 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Core & Main by 6.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,781,525 shares of the company's stock worth $86,065,000 after acquiring an additional 114,760 shares in the last quarter. Finally, KBC Group NV boosted its stake in shares of Core & Main by 5.3% during the 1st quarter. KBC Group NV now owns 1,725,810 shares of the company's stock worth $83,374,000 after acquiring an additional 86,672 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on CNM shares. Loop Capital reissued a "hold" rating and set a $68.00 target price on shares of Core & Main in a research note on Monday, July 28th. Barclays decreased their price target on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday. Truist Financial decreased their price target on shares of Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. decreased their price target on shares of Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday. Finally, The Goldman Sachs Group decreased their price target on shares of Core & Main from $68.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Core & Main currently has a consensus rating of "Moderate Buy" and an average target price of $59.60.

Core & Main Price Performance

CNM stock traded down $0.69 during mid-day trading on Friday, reaching $48.76. The company's stock had a trading volume of 3,652,711 shares, compared to its average volume of 2,968,833. The stock has a market cap of $9.61 billion, a PE ratio of 21.77, a P/E/G ratio of 1.88 and a beta of 1.04. The company has a current ratio of 2.25, a quick ratio of 1.10 and a debt-to-equity ratio of 1.14. Core & Main, Inc. has a fifty-two week low of $39.86 and a fifty-two week high of $67.18. The company's 50 day moving average is $62.85 and its two-hundred day moving average is $56.05.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.08. The company had revenue of $2.09 billion during 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%. Core & Main's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. Equities research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Buying and Selling at Core & Main

In other news, Director Orvin T. Kimbrough sold 23,962 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.77, for a total transaction of $1,480,132.74. Following the completion of the sale, the director owned 13,958 shares in the company, valued at $862,185.66. This trade represents a 63.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stephen O. Leclair sold 44,972 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $61.91, for a total transaction of $2,784,216.52. Following the sale, the insider owned 70,736 shares of the company's stock, valued at $4,379,265.76. This represents a 38.87% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 422,956 shares of company stock worth $26,343,241. Insiders own 3.53% of the company's stock.

Core & Main Company 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.