Allspring Global Investments Holdings LLC Makes New Investment in Core & Main, Inc. $CNM

Key Points

• Allspring Global Investments Holdings LLC has purchased a new position in Core & Main, acquiring 415,425 shares worth approximately $25.46 million, representing about 0.21% of the company.
• Insider trades indicate that both the CFO and CEO of Core & Main significantly reduced their holdings, with the CFO selling 5,000 shares and the CEO selling 100,000 shares, marking decreases of 36.89% and 73.61%, respectively.
• Core & Main's stock ratings have seen cuts from analysts, with Zacks Research changing its rating from "hold" to "strong sell" and several firms adjusting their price targets, reflecting mixed sentiment towards the stock.

Allspring Global Investments Holdings LLC bought a new position in Core & Main, Inc. (NYSE:CNM - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 415,425 shares of the company's stock, valued at approximately $25,461,000. Allspring Global Investments Holdings LLC owned approximately 0.21% of Core & Main as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CNM. Bfsg LLC grew its position in Core & Main by 56.4% in the second quarter. Bfsg LLC now owns 560 shares of the company's stock worth $34,000 after acquiring an additional 202 shares in the last quarter. Cubist Systematic Strategies LLC grew its position in Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after acquiring an additional 524 shares in the last quarter. Rossby Financial LCC bought a new stake in Core & Main in the first quarter worth approximately $37,000. CWM LLC grew its position in Core & Main by 34.0% in the first quarter. CWM LLC now owns 839 shares of the company's stock worth $41,000 after acquiring an additional 213 shares in the last quarter. Finally, Steph & Co. bought a new stake in Core & Main in the second quarter worth approximately $53,000. 94.19% of the stock is owned by institutional investors.

Insider Buying and Selling at Core & Main

In related news, CFO Robyn L. Bradbury sold 5,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $64.51, for a total transaction of $322,550.00. Following the completion of the transaction, the chief financial officer directly owned 8,555 shares in the company, valued at $551,883.05. This represents a 36.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark R. Witkowski sold 100,000 shares of the stock in a transaction 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 owned 35,847 shares of the company's stock, valued at approximately $2,297,075.76. This represents a 73.61% decrease in their position. The disclosure for this sale can be found here. 3.53% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CNM. Zacks Research cut shares of Core & Main from a "hold" rating to a "strong sell" rating in a research note on Monday, September 29th. Citigroup reduced their price objective on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, September 10th. JPMorgan Chase & Co. boosted their price objective on shares of Core & Main from $54.00 to $58.00 and gave the stock an "overweight" rating in a research note on Wednesday. Wells Fargo & Company boosted their price objective on shares of Core & Main from $58.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 1st. Finally, Truist Financial reduced their price objective on shares of Core & Main from $56.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, September 11th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Core & Main presently has a consensus rating of "Moderate Buy" and an average target price of $60.64.

Core & Main Price Performance

NYSE:CNM opened at $51.95 on Friday. The stock has a market cap of $10.26 billion, a P/E ratio of 23.19, a PEG ratio of 2.04 and a beta of 0.98. Core & Main, Inc. has a one year low of $41.64 and a one year high of $67.18. The company has a fifty day moving average price of $57.13 and a 200 day moving average price of $56.48. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.30.

Core & Main (NYSE:CNM - Get Free Report) last released its earnings results on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.79 by $0.08. The firm had revenue of $2.09 billion during the quarter, compared to analysts' expectations 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 period in the prior year, the company earned $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. Analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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.

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