Core & Main, Inc. $CNM Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in Core & Main by 12.3%, selling 100,412 shares, and now holds approximately 0.36% of the company worth $43.15 million.
• Brokerages have recently issued varying ratings on Core & Main, with Goldman Sachs lowering its price target from $68.00 to $60.00 while UBS set a 'buy' rating with a target of $65.00.
• Core & Main reported a quarterly earnings per share of $0.87, exceeding estimates, but its revenue of $2.09 billion was slightly below analyst expectations of $2.12 billion.

Allianz Asset Management GmbH reduced its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 12.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 715,023 shares of the company's stock after selling 100,412 shares during the quarter. Allianz Asset Management GmbH owned 0.36% of Core & Main worth $43,152,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Enhancing Capital LLC increased its position in Core & Main by 0.6% in the 1st quarter. Enhancing Capital LLC now owns 31,846 shares of the company's stock valued at $1,538,000 after acquiring an additional 196 shares during the period. Bfsg LLC increased its position in Core & Main by 56.4% in the 2nd quarter. Bfsg LLC now owns 560 shares of the company's stock valued at $34,000 after acquiring an additional 202 shares during the period. CWM LLC boosted 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 purchasing an additional 213 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Core & Main by 3.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after purchasing an additional 229 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its stake in Core & Main by 2.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company's stock valued at $527,000 after purchasing an additional 272 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on CNM. The Goldman Sachs Group decreased 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. UBS Group began coverage on Core & Main in a research note on Monday, September 29th. They set a "buy" rating and a $65.00 price target for the company. Citigroup decreased their price target on Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, September 10th. Royal Bank Of Canada decreased their price target on Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research note on Wednesday, September 10th. Finally, Truist Financial decreased their price target on Core & Main from $56.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, September 11th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.64.

Core & Main Stock Performance

CNM opened at $52.17 on Friday. The firm has a market cap of $10.30 billion, a PE ratio of 23.29, a P/E/G ratio of 2.04 and a beta of 0.98. The company has a quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14. The business has a fifty day simple moving average of $56.89 and a 200-day simple moving average of $56.50. Core & Main, Inc. has a fifty-two week low of $41.64 and a fifty-two week high of $67.18.

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

Insider Buying and Selling at Core & Main

In other news, CFO Robyn L. Bradbury sold 5,000 shares of the firm's stock in a transaction on 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 of the company's stock, valued at $551,883.05. This trade represents a 36.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Mark R. Witkowski sold 100,000 shares of the firm's 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 directly owned 35,847 shares of the company's stock, valued at approximately $2,297,075.76. This represents a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.

Want to see what other hedge funds are holding CNM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Core & Main, Inc. (NYSE:CNM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.