Bornite Capital Management LP Buys New Stake in Core & Main, Inc. (NYSE:CNM)

Key Points

• Bornite Capital Management LP purchased a new stake in Core & Main, acquiring 300,000 shares valued at approximately $14.5 million, making it the firm's 14th largest holding.
• Insider transactions show significant sales, with CEO Mark R. Witkowski selling 100,000 shares for over $6 million, reducing his ownership by 73.61%, highlighting possible shifts in insider sentiment.
• Analysts have revised price targets for Core & Main, with several increasing targets above $60, while maintaining a consensus rating of "Hold" across the board.

Bornite Capital Management LP bought a new stake in Core & Main, Inc. (NYSE:CNM - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 300,000 shares of the company's stock, valued at approximately $14,493,000. Core & Main comprises 3.7% of Bornite Capital Management LP's holdings, making the stock its 14th biggest holding. Bornite Capital Management LP owned approximately 0.15% of Core & Main at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CNM. Townsquare Capital LLC acquired a new stake in Core & Main in the 1st quarter worth $327,000. Altfest L J & Co. Inc. grew its position in Core & Main by 43.3% in the 1st quarter. Altfest L J & Co. Inc. now owns 7,217 shares of the company's stock worth $349,000 after purchasing an additional 2,179 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Core & Main by 6.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,781,525 shares of the company's stock worth $86,065,000 after purchasing an additional 114,760 shares during the last quarter. New Age Alpha Advisors LLC grew its position in Core & Main by 6.7% in the 1st quarter. New Age Alpha Advisors LLC now owns 25,727 shares of the company's stock worth $1,243,000 after purchasing an additional 1,618 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Core & Main by 24.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,326 shares of the company's stock worth $257,000 after purchasing an additional 1,032 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Core & Main

In other Core & Main news, insider Laura K. Schneider sold 45,695 shares of the business's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $56.25, for a total value of $2,570,343.75. Following the transaction, the insider directly owned 12,873 shares in the company, valued at $724,106.25. The trade was a 78.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark R. Witkowski sold 100,000 shares of the business's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the completion of the transaction, the chief executive officer owned 35,847 shares in the company, valued at approximately $2,195,987.22. This trade represents a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 428,445 shares of company stock valued at $26,045,755. 3.53% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on CNM shares. Citigroup raised their price target on shares of Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. Wells Fargo & Company raised their price target on shares of Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Loop Capital reiterated a "hold" rating and set a $68.00 target price on shares of Core & Main in a research report on Monday, July 28th. Royal Bank Of Canada lifted their target price on shares of Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Core & Main presently has a consensus rating of "Hold" and a consensus target price of $60.00.

Core & Main Price Performance

NYSE:CNM opened at $63.95 on Friday. The firm has a market cap of $12.61 billion, a PE ratio of 29.74, a price-to-earnings-growth ratio of 1.89 and a beta of 1.04. Core & Main, Inc. has a 12 month low of $37.22 and a 12 month high of $65.97. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 1.23. The company's 50-day moving average price is $60.89 and its two-hundred day moving average price is $54.65.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, meeting analysts' consensus estimates of $0.52. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.84 billion. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 earnings per share. On average, equities analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

About Core & Main

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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