Border to Coast Pensions Partnership Ltd Has $36.46 Million Position in 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 increased its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 8.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 604,112 shares of the company's stock after buying an additional 45,730 shares during the quarter. Border to Coast Pensions Partnership Ltd owned 0.31% of Core & Main worth $36,458,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CNM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Core & Main by 13.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,042 shares of the company's stock worth $1,326,000 after acquiring an additional 3,049 shares during the period. Quantinno Capital Management LP increased its stake in Core & Main by 12.1% in the 4th quarter. Quantinno Capital Management LP now owns 15,092 shares of the company's stock valued at $768,000 after buying an additional 1,635 shares during the period. ProShare Advisors LLC increased its stake in Core & Main by 7.2% in the 4th quarter. ProShare Advisors LLC now owns 9,017 shares of the company's stock valued at $459,000 after buying an additional 607 shares during the period. Rafferty Asset Management LLC acquired a new position in Core & Main in the 4th quarter valued at approximately $224,000. Finally, Squarepoint Ops LLC grew its holdings in shares of Core & Main by 597.2% during the 4th quarter. Squarepoint Ops LLC now owns 63,646 shares of the company's stock valued at $3,240,000 after acquiring an additional 76,446 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Loop Capital restated a "hold" rating and set a $68.00 price target on shares of Core & Main in a report on Monday, July 28th. The Goldman Sachs Group cut their price target on Core & Main from $68.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, September 12th. JPMorgan Chase & Co. cut their price target on Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Barclays dropped their price objective on Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. Finally, Citigroup dropped their price objective on Core & Main from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, September 10th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $59.60.

Core & Main Price Performance

Shares of NYSE:CNM traded up $0.38 during midday trading on Tuesday, reaching $51.09. The company's stock had a trading volume of 890,958 shares, compared to its average volume of 2,155,617. Core & Main, Inc. has a fifty-two week low of $41.60 and a fifty-two week high of $67.18. The company has a market capitalization of $10.09 billion, a P/E ratio of 22.78, a P/E/G ratio of 2.00 and a beta of 1.04. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.30. The business's fifty day simple moving average is $61.43 and its 200-day simple moving average is $56.15.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.08. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same quarter in the prior year, the firm earned $0.61 EPS. The company's revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Insider Activity at Core & Main

In related news, insider Stephen O. Leclair sold 80,028 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $62.27, for a total transaction of $4,983,343.56. Following the completion of the sale, the insider directly owned 70,736 shares of the company's stock, valued at $4,404,730.72. The trade was a 53.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mark R. Witkowski sold 100,000 shares of Core & Main stock in a transaction on Monday, August 18th. The stock was sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the sale, the chief executive officer directly owned 35,847 shares of the company's stock, valued at $2,297,075.76. This represents a 73.61% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 422,956 shares of company stock worth $26,343,241. Insiders own 3.53% of the company's stock.

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.