Alliancebernstein L.P. Sells 213,590 Shares of Core & Main, Inc. $CNM

Key Points

• Alliancebernstein L.P. has decreased its stake in Core & Main, Inc. by 10.2%, owning approximately 1.87 million shares valued at around $90.4 million as of the latest SEC filing.
• Core & Main recently reported earnings of $0.52 per share for the quarter, meeting analyst expectations, with revenue increasing 9.8% year-over-year to $1.91 billion.
• The company's stock has received several price target upgrades from analysts, with JPMorgan Chase increasing its target from $56 to $64, reflecting positive market sentiment.

Alliancebernstein L.P. lessened its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 10.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,871,801 shares of the company's stock after selling 213,590 shares during the period. Alliancebernstein L.P. owned about 0.95% of Core & Main worth $90,427,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Fiduciary Management Inc. WI raised its position in shares of Core & Main by 0.3% during the first quarter. Fiduciary Management Inc. WI now owns 2,841,734 shares of the company's stock worth $137,284,000 after purchasing an additional 8,052 shares during the period. Dimensional Fund Advisors LP raised its holdings 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 holdings 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. lifted its stake in Core & Main by 6.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,781,525 shares of the company's stock valued at $86,065,000 after buying an additional 114,760 shares in the last quarter. Finally, KBC Group NV lifted its stake in 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 in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CNM shares. Royal Bank Of Canada dropped their target price on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a research report on Wednesday. Citigroup lowered their price objective on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Wednesday. Wells Fargo & Company cut their target price on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. decreased their target price on Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Barclays lowered their price target on Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Core & Main presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.30.

Insiders Place Their Bets

In related news, Director James G. Castellano sold 43,994 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $61.98, for a total value of $2,726,748.12. Following the transaction, the director owned 4,638 shares in the company, valued at approximately $287,463.24. This represents a 90.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 transaction of $1,480,132.74. Following the completion of the sale, the director owned 13,958 shares of the company's stock, valued at $862,185.66. This trade represents a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 422,956 shares of company stock worth $26,343,241 in the last quarter. Corporate insiders own 3.53% of the company's stock.

Core & Main Stock Up 2.0%

CNM stock traded up $0.96 during midday trading on Thursday, reaching $49.52. The company had a trading volume of 6,280,507 shares, compared to its average volume of 2,780,023. The company has a 50 day moving average of $63.12 and a two-hundred day moving average of $56.02. The company has a market capitalization of $9.76 billion, a P/E ratio of 22.11, a PEG ratio of 1.45 and a beta of 1.04. Core & Main, Inc. has a 1 year low of $38.66 and a 1 year high of $67.18. The company has a current ratio of 2.25, a quick ratio of 1.10 and a debt-to-equity ratio of 1.14.

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