Forest Avenue Capital Management LP Has $66.31 Million Position in Core & Main, Inc. $CNM

Key Points

• Forest Avenue Capital Management LP increased its stake in Core & Main, Inc. by 10.7%, making it the fund's 4th largest position, with total holdings valued at approximately $66.3 million.
• Core & Main achieved a revenue of $1.91 billion for the last quarter, surpassing analysts' expectations of $1.84 billion, while reporting quarterly earnings per share (EPS) of $0.52.
• Multiple analysts have set varying price targets for Core & Main, with Citigroup raising its target from $56.00 to $62.00, while Wells Fargo increased theirs from $65.00 to $70.00, indicating a generally positive outlook.

Forest Avenue Capital Management LP raised its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,372,534 shares of the company's stock after acquiring an additional 132,423 shares during the period. Core & Main comprises approximately 9.0% of Forest Avenue Capital Management LP's investment portfolio, making the stock its 4th largest holding. Forest Avenue Capital Management LP owned 0.69% of Core & Main worth $66,307,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of CNM. Parallel Advisors LLC lifted its stake in Core & Main by 447.1% during the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after acquiring an additional 532 shares in the last quarter. Rossby Financial LCC bought a new position in Core & Main during the 1st quarter valued at $37,000. CWM LLC lifted its stake in Core & Main by 34.0% during the 1st quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after acquiring an additional 213 shares in the last quarter. Versant Capital Management Inc lifted its stake in Core & Main by 1,491.8% during the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock valued at $56,000 after acquiring an additional 1,089 shares in the last quarter. Finally, Summit Securities Group LLC bought a new position in Core & Main during the 1st quarter valued at $72,000. 94.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on CNM. Citigroup lifted their target price on Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 10th. Wells Fargo & Company lifted their target price on Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. lifted their target price on Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. Royal Bank Of Canada lifted their target price on Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Finally, Loop Capital reiterated a "hold" rating and set a $68.00 target price on shares of Core & Main in a research note on Monday, July 28th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $60.00.

Insider Activity at Core & Main

In other news, Director James G. Castellano sold 43,994 shares of the business's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $61.98, for a total transaction of $2,726,748.12. Following the completion of the transaction, the director owned 4,638 shares of the company's stock, valued at approximately $287,463.24. The trade was a 90.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark R. Witkowski sold 100,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $64.08, for a total value of $6,408,000.00. Following the completion of the sale, the chief executive officer owned 35,847 shares of the company's stock, valued at $2,297,075.76. The trade was a 73.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 518,651 shares of company stock valued at $31,915,085 in the last ninety days. Insiders own 3.53% of the company's stock.

Core & Main Price Performance

CNM stock traded down $0.41 during mid-day trading on Thursday, reaching $65.35. 321,810 shares of the company traded hands, compared to its average volume of 1,937,521. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.96 and a quick ratio of 1.10. The company has a market capitalization of $12.88 billion, a P/E ratio of 30.39, a P/E/G ratio of 1.92 and a beta of 1.04. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $66.27. The company has a fifty day moving average price of $62.81 and a 200-day moving average price of $55.45.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%.The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the previous year, the firm earned $0.49 earnings per share. Core & Main's revenue was up 9.8% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. As a group, 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.