Corebridge Financial Inc. Sells 7,983 Shares of Core & Main, Inc. $CNM

Key Points

• Corebridge Financial Inc. reduced its stake in Core & Main, Inc. by 3.6% in the first quarter, owning 211,444 shares worth approximately $10.2 million.
• Multiple institutional investors increased their positions in Core & Main, with Mariner LLC raising its stake by 23% and Northern Trust Corp increasing by 15.3% in the fourth quarter.
• Equities analysts have set a consensus price target for Core & Main at $60.00, with six analysts recommending a Buy rating and one a Sell rating.

Corebridge Financial Inc. lessened its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 3.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 211,444 shares of the company's stock after selling 7,983 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of Core & Main worth $10,215,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Forest Avenue Capital Management LP lifted its holdings in shares of Core & Main by 10.7% in the first quarter. Forest Avenue Capital Management LP now owns 1,372,534 shares of the company's stock worth $66,307,000 after buying an additional 132,423 shares in the last quarter. Fiduciary Management Inc. WI lifted its holdings in shares of Core & Main by 0.3% in the first quarter. Fiduciary Management Inc. WI now owns 2,841,734 shares of the company's stock worth $137,284,000 after buying an additional 8,052 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Core & Main in the first quarter worth $72,000. Ethic Inc. lifted its holdings in shares of Core & Main by 88.0% in the first quarter. Ethic Inc. now owns 19,211 shares of the company's stock worth $949,000 after buying an additional 8,994 shares in the last quarter. Finally, Brandywine Global Investment Management LLC lifted its holdings in shares of Core & Main by 21.4% in the first quarter. Brandywine Global Investment Management LLC now owns 151,605 shares of the company's stock worth $7,324,000 after buying an additional 26,706 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Trading Down 0.7%

Shares of NYSE CNM traded down $0.47 during mid-day trading on Friday, reaching $64.70. The company had a trading volume of 2,766,907 shares, compared to its average volume of 1,528,546. The business's 50-day moving average is $63.14 and its 200-day moving average is $55.59. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23. The stock has a market cap of $12.75 billion, a price-to-earnings ratio of 30.10, a price-to-earnings-growth ratio of 1.91 and a beta of 1.04. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $66.27.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting analysts' consensus estimates of $0.52. The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.84 billion. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. The business's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.49 earnings per share. Core & Main has set its FY 2025 guidance at EPS. Equities analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Insider Activity at Core & Main

In other Core & Main news, insider Laura K. Schneider sold 45,695 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $56.25, for a total transaction of $2,570,343.75. Following the transaction, the insider directly owned 12,873 shares in the company, valued at $724,106.25. This represents a 78.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen O. Leclair sold 80,028 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $62.27, for a total transaction of $4,983,343.56. Following the transaction, the insider owned 70,736 shares in the company, valued at approximately $4,404,730.72. The trade was a 53.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 518,651 shares of company stock worth $31,915,085 over the last quarter. Corporate insiders own 3.53% of the company's stock.

Analysts Set New Price Targets

CNM has been the topic of a number of recent research reports. Loop Capital reaffirmed a "hold" rating and set a $68.00 price target on shares of Core & Main in a research note on Monday, July 28th. JPMorgan Chase & Co. increased their target price on shares of Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Citigroup increased their target price on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Wells Fargo & Company increased their target price on shares of Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada increased their target price on shares of Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Tuesday, June 10th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $60.00.

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.