Border to Coast Pensions Partnership Ltd Buys 45,730 Shares of Core & Main, Inc. $CNM

Key Points

• Border to Coast Pensions Partnership Ltd increased its ownership in Core & Main, Inc. by 8.2%, now holding 604,112 shares valued at approximately $36.5 million.
• Core & Main reported Q2 earnings of $0.87 per share, exceeding estimates, while quarterly revenues reached $2.09 billion, slightly below expectations.
• Analysts have downgraded Core & Main's price targets recently, with Wells Fargo reducing its target from $70.00 to $58.00 and JPMorgan lowering from $64.00 to $54.00.

Border to Coast Pensions Partnership Ltd grew its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 8.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 604,112 shares of the company's stock after buying an additional 45,730 shares during the period. Border to Coast Pensions Partnership Ltd owned approximately 0.31% of Core & Main worth $36,458,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Fiduciary Management Inc. WI grew its stake in shares of Core & Main by 0.3% in the 1st quarter. Fiduciary Management Inc. WI now owns 2,841,734 shares of the company's stock valued at $137,284,000 after buying an additional 8,052 shares during the period. Dimensional Fund Advisors LP raised its stake in Core & Main by 12.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,232,542 shares of the company's stock worth $107,857,000 after buying an additional 244,500 shares during the period. Artemis Investment Management LLP raised 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. Charles Schwab Investment Management Inc. raised its stake in Core & Main by 6.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,781,525 shares of the company's stock worth $86,065,000 after buying an additional 114,760 shares during the period. Finally, KBC Group NV grew its holdings in shares of Core & Main by 5.3% during the first quarter. KBC Group NV now owns 1,725,810 shares of the company's stock valued at $83,374,000 after buying an additional 86,672 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Orvin T. Kimbrough sold 23,962 shares of Core & Main stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.77, for a total value of $1,480,132.74. Following the completion of the transaction, the director directly owned 13,958 shares in the company, valued at approximately $862,185.66. The trade was a 63.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark R. Witkowski sold 100,000 shares of the stock in a transaction 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 sale, the chief executive officer owned 35,847 shares in the company, valued at approximately $2,297,075.76. This represents a 73.61% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 422,956 shares of company stock worth $26,343,241. 3.53% of the stock is owned by company insiders.

Core & Main Stock Performance

CNM stock traded down $0.20 during mid-day trading on Monday, hitting $50.73. The company had a trading volume of 3,026,713 shares, compared to its average volume of 2,163,002. The firm has a market cap of $10.00 billion, a PE ratio of 22.65, a price-to-earnings-growth ratio of 2.00 and a beta of 1.04. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.30 and a current ratio of 2.25. Core & Main, Inc. has a 12 month low of $41.60 and a 12 month high of $67.18. The stock's fifty day moving average price is $61.63 and its two-hundred day moving average price is $56.13.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.79 by $0.08. The business had revenue of $2.09 billion for 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 revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. On average, analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CNM shares. Royal Bank Of Canada decreased their target price on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research report on Wednesday, September 10th. Wells Fargo & Company lowered their price objective on Core & Main from $70.00 to $58.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Loop Capital restated a "hold" rating and issued a $68.00 target price on shares of Core & Main in a report on Monday, July 28th. Truist Financial dropped their target price on Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday, September 11th. Finally, The Goldman Sachs Group dropped their target price on Core & Main from $68.00 to $60.00 and set a "neutral" rating on the stock in a report on Friday, September 12th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $59.60.

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.