Clear Harbor Asset Management LLC Sells 5,298 Shares of Core & Main, Inc. $CNM

Key Points

• Clear Harbor Asset Management LLC reduced its position in Core & Main, Inc. by 2.3%, holding 220,241 shares after selling 5,298 shares during the 2nd quarter.
• Core & Main's latest quarterly earnings exceeded analysts' expectations, reporting $0.87 earnings per share, up from $0.61 in the same period last year, despite revenue slightly below consensus estimates.
• Recent analyst ratings reflect mixed sentiment, with several firms adjusting their price targets for Core & Main, indicating an average price target of $59.60 and a moderate buy rating.

Clear Harbor Asset Management LLC cut its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 2.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,241 shares of the company's stock after selling 5,298 shares during the quarter. Core & Main comprises approximately 1.0% of Clear Harbor Asset Management LLC's investment portfolio, making the stock its 22nd biggest holding. Clear Harbor Asset Management LLC owned 0.11% of Core & Main worth $13,292,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Enhancing Capital LLC boosted its holdings in Core & Main by 0.6% in the 1st quarter. Enhancing Capital LLC now owns 31,846 shares of the company's stock worth $1,538,000 after buying an additional 196 shares during the last quarter. CWM LLC grew its stake in shares of Core & Main by 34.0% in the first quarter. CWM LLC now owns 839 shares of the company's stock worth $41,000 after acquiring an additional 213 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Core & Main by 3.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock worth $343,000 after purchasing an additional 229 shares in the last quarter. Crossmark Global Holdings Inc. grew its stake in shares of Core & Main by 2.6% during the first quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company's stock worth $527,000 after purchasing an additional 272 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in Core & Main by 1.5% in the first quarter. State of Alaska Department of Revenue now owns 22,285 shares of the company's stock valued at $1,076,000 after acquiring an additional 330 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CNM has been the subject of several analyst reports. Citigroup cut their price target on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, September 10th. Truist Financial decreased their target price on shares of Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, September 11th. Wells Fargo & Company cut their price target 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, September 10th. JPMorgan Chase & Co. cut their price target on shares of Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Finally, The Goldman Sachs Group cut their target price on shares of Core & Main from $68.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, September 12th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $59.60.

Core & Main Stock Performance

NYSE CNM traded down $0.20 during midday trading on Monday, hitting $50.73. The company had a trading volume of 3,026,713 shares, compared to its average volume of 3,604,725. The firm has a fifty day simple moving average of $61.43 and a two-hundred day simple moving average of $56.15. The stock has a market cap of $10.02 billion, a price-to-earnings ratio of 22.65, a P/E/G ratio of 2.00 and a beta of 1.04. 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 quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM - Get Free Report) last announced its 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. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.12 billion. During the same period in the previous year, the firm posted $0.61 earnings per share. The company's revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. Equities analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Transactions at Core & Main

In other Core & Main news, insider Stephen O. Leclair sold 80,028 shares of Core & Main stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $62.27, for a total value of $4,983,343.56. Following the transaction, the insider owned 70,736 shares of the company's stock, valued at approximately $4,404,730.72. The trade was a 53.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mark R. Witkowski sold 100,000 shares of the business's 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 completion of the sale, the chief executive officer directly 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. In the last 90 days, insiders have sold 422,956 shares of company stock valued at $26,343,241. 3.53% of the stock is currently owned by insiders.

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.