Concentric Capital Strategies LP Acquires New Stake in Core & Main, Inc. $CNM

Key Points

• Concentric Capital Strategies LP invested approximately $3.24 million in Core & Main, acquiring 66,960 shares of the company’s stock.
• Core & Main reported a quarterly earnings per share (EPS) of $0.52, meeting analysts' expectations, with revenues of $1.91 billion for the quarter, up 9.8% year-over-year.
• Institutional investors hold a significant majority, with 94.19% of the stock owned by hedge funds and other institutional investors.

Concentric Capital Strategies LP acquired a new position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 66,960 shares of the company's stock, valued at approximately $3,235,000.

Other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC lifted its position in Core & Main by 447.1% during the first quarter. Parallel Advisors LLC now owns 651 shares of the company's stock worth $31,000 after acquiring an additional 532 shares during the last quarter. Rossby Financial LCC acquired a new stake in Core & Main during the first quarter worth approximately $37,000. Cubist Systematic Strategies LLC lifted its position in Core & Main by 262.0% during 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 during the last quarter. CWM LLC lifted its position in Core & Main by 34.0% during the first quarter. CWM LLC now owns 839 shares of the company's stock worth $41,000 after acquiring an additional 213 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Core & Main by 1,491.8% in the first quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock valued at $56,000 after buying an additional 1,089 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Core & Main news, CFO Robyn L. Bradbury sold 5,000 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $64.51, for a total transaction of $322,550.00. Following the completion of the sale, the chief financial officer directly owned 8,555 shares in the company, valued at approximately $551,883.05. This trade represents a 36.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Orvin T. Kimbrough sold 23,962 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $61.77, for a total value of $1,480,132.74. Following the sale, the director owned 13,958 shares of the company's stock, valued at approximately $862,185.66. The trade was a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 422,956 shares of company stock worth $26,343,241. 3.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Citigroup lifted their price target on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday, June 10th. Wells Fargo & Company lifted their price target on shares of Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their price target on shares of Core & Main from $56.00 to $64.00 and gave the company an "overweight" rating in a research report on Thursday. Loop Capital reiterated a "hold" rating and issued a $68.00 price target on shares of Core & Main in a research report on Monday, July 28th. Finally, Royal Bank Of Canada lifted their price target 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. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $63.40.

Core & Main Price Performance

Shares of NYSE:CNM traded down $0.50 during trading on Monday, hitting $66.49. 2,538,007 shares of the company were exchanged, compared to its average volume of 1,944,820. The business's 50 day moving average is $63.75 and its 200-day moving average is $56.01. The company has a market capitalization of $13.11 billion, a P/E ratio of 30.92, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 1.23. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate 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 prior year, the business earned $0.49 earnings per share. Core & Main has set its FY 2025 guidance at EPS. Equities analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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.