Camrose Capital Investment Partners LLP Acquires 487,771 Shares of Core & Main, Inc. $CNM

Key Points

• Camrose Capital Investment Partners LLP increased its Core & Main stake by 39.0% in the fourth quarter, buying 487,771 additional shares to bring its total to 1,737,226 shares. The position is now Camrose’s largest, representing about 15% of its portfolio and worth roughly $90.3 million.
• Core & Main reported better-than-expected quarterly results, with earnings of $0.72 per share versus analyst estimates of $0.53 and revenue of $1.91 billion, slightly above expectations. Revenue was essentially flat year over year, but profit metrics remained strong.
• Analysts remain cautiously positive on CNM, with a Moderate Buy consensus and an average price target of $57.73. The stock was trading around $47.80, while recent insider activity included a CFO share sale and a director share purchase.

Camrose Capital Investment Partners LLP boosted its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 39.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,737,226 shares of the company's stock after purchasing an additional 487,771 shares during the period. Core & Main comprises about 15.0% of Camrose Capital Investment Partners LLP's investment portfolio, making the stock its biggest position. Camrose Capital Investment Partners LLP owned 0.89% of Core & Main worth $90,284,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CNM. Cubist Systematic Strategies LLC lifted its holdings in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after purchasing an additional 524 shares during the last quarter. AQR Capital Management LLC bought a new position in Core & Main during the 1st quarter valued at about $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Core & Main by 36.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company's stock valued at $1,719,000 after purchasing an additional 9,534 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Core & Main by 23.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company's stock valued at $14,106,000 after purchasing an additional 54,854 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Core & Main by 145.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock valued at $27,000 after purchasing an additional 269 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Core & Main Trading Up 0.4%

Shares of NYSE CNM opened at $47.80 on Wednesday. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18. The company has a market cap of $9.30 billion, a PE ratio of 20.26, a P/E/G ratio of 1.65 and a beta of 0.91. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. The company has a 50-day moving average of $49.66 and a two-hundred day moving average of $52.13.

Core & Main (NYSE:CNM - Get Free Report) last announced its earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.19. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. Core & Main had a net margin of 5.87% and a return on equity of 26.17%. The company's revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 earnings per share. As a group, equities analysts expect that Core & Main, Inc. will post 3.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CNM. Barclays cut their price target on shares of Core & Main from $63.00 to $62.00 and set an "overweight" rating for the company in a report on Wednesday, March 25th. The Goldman Sachs Group reissued a "neutral" rating and set a $24.00 price target on shares of Core & Main in a report on Thursday, June 11th. Citigroup cut their price target on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday, June 11th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Core & Main has a consensus rating of "Moderate Buy" and an average target price of $57.73.

Insider Buying and Selling

In related news, CFO Robyn L. Bradbury sold 5,000 shares of the business's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $52.54, for a total transaction of $262,700.00. Following the completion of the sale, the chief financial officer directly owned 12,500 shares of the company's stock, valued at $656,750. The trade was a 28.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope purchased 1,972 shares of the company's stock in a transaction that occurred on Tuesday, April 7th. The shares were acquired at an average cost of $50.70 per share, with a total value of $99,980.40. Following the completion of the purchase, the director owned 6,939 shares of the company's stock, valued at $351,807.30. The trade was a 39.70% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 1.51% of the company's stock.

Core & Main Profile

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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