Boston Trust Walden Corp Cuts Stock Position in Core & Main, Inc. $CNM

Key Points

• Boston Trust Walden Corp has reduced its stake in Core & Main, Inc. by 4.1%, now owning approximately 0.10% of the company, valued at about $11.7 million.
• Core & Main reported a significant increase in quarterly earnings, with an EPS of $0.87, surpassing estimates, while revenue grew by 6.6% year-over-year.
• Recent analyst actions included price target reductions from several firms, with a consensus rating of "Moderate Buy" and an average target price of $60.27 for Core & Main shares.

Boston Trust Walden Corp lessened its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 4.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 194,281 shares of the company's stock after selling 8,289 shares during the period. Boston Trust Walden Corp owned about 0.10% of Core & Main worth $11,725,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNM. Jennison Associates LLC purchased a new stake in Core & Main during the 1st quarter worth $54,742,000. Artemis Investment Management LLP increased its stake in 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 buying an additional 936,863 shares during the period. Nuveen LLC purchased a new stake in Core & Main during the 1st quarter worth $44,028,000. Allspring Global Investments Holdings LLC purchased a new stake in Core & Main during the 2nd quarter worth $25,461,000. Finally, Driehaus Capital Management LLC increased its stake in Core & Main by 253.6% during the 1st quarter. Driehaus Capital Management LLC now owns 482,128 shares of the company's stock worth $23,292,000 after buying an additional 345,763 shares during the period. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Trading Up 4.6%

NYSE CNM opened at $51.78 on Wednesday. Core & Main, Inc. has a one year low of $41.64 and a one year high of $67.18. The company has a 50-day simple moving average of $57.60 and a 200-day simple moving average of $56.48. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.30 and a current ratio of 2.25. The firm has a market capitalization of $10.22 billion, a PE ratio of 23.12, a price-to-earnings-growth ratio of 1.94 and a beta of 0.98.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly 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 business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The company's quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CNM. Truist Financial dropped 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, September 11th. Loop Capital reissued a "hold" rating and set a $68.00 price objective on shares of Core & Main in a report on Monday, July 28th. Barclays decreased their price objective on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Royal Bank Of Canada decreased their price objective on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a report on Wednesday, September 10th. Finally, Citigroup decreased their price objective on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, September 10th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $60.27.

Insider Activity

In other Core & Main news, CFO Robyn L. Bradbury sold 5,000 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $551,883.05. The trade was a 36.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James G. Castellano sold 43,994 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $61.98, for a total transaction of $2,726,748.12. Following the transaction, the director directly owned 4,638 shares of the company's stock, valued at $287,463.24. The trade was a 90.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 272,956 shares of company stock valued at $17,063,431. Company insiders own 3.53% of the company's stock.

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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