Core & Main, Inc. $CNM Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Core & Main, Inc. by 4.5%, owning approximately 1.68 million shares valued at $81.15 million after selling 79,255 shares in the first quarter.
• Core & Main reported $1.91 billion in revenue for the last quarter, surpassing analyst estimates of $1.84 billion, with earnings per share meeting expectations at $0.52.
• Insiders sold a total of 528,445 shares valued at $32.45 million over the last 90 days, indicating significant insider selling activity.

Northern Trust Corp trimmed its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 4.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,679,710 shares of the company's stock after selling 79,255 shares during the quarter. Northern Trust Corp owned approximately 0.85% of Core & Main worth $81,147,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CNM. Mariner LLC raised its holdings in shares of Core & Main by 23.0% in the fourth quarter. Mariner LLC now owns 7,575 shares of the company's stock worth $386,000 after acquiring an additional 1,415 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Core & Main in the fourth quarter worth $2,719,000. Canada Pension Plan Investment Board acquired a new position in shares of Core & Main in the fourth quarter worth $148,000. Dimensional Fund Advisors LP raised its holdings in shares of Core & Main by 7.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,988,042 shares of the company's stock worth $101,209,000 after acquiring an additional 133,065 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in shares of Core & Main by 124.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 14,652 shares of the company's stock valued at $746,000 after purchasing an additional 8,133 shares during the period. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Core & Main news, Director Orvin T. Kimbrough sold 23,962 shares of the business's stock in a transaction dated Friday, July 18th. The stock was 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 approximately $862,185.66. The trade was a 63.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James G. Castellano sold 43,994 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $61.98, for a total value of $2,726,748.12. Following the sale, the director directly owned 4,638 shares of the company's stock, valued at approximately $287,463.24. This trade represents a 90.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 528,445 shares of company stock valued at $32,453,755 in the last 90 days. 3.53% of the stock is owned by corporate insiders.

Core & Main Price Performance

CNM stock opened at $65.4190 on Monday. The stock has a 50-day moving average price of $62.26 and a two-hundred day moving average price of $55.24. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $66.27. 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 company has a market cap of $12.90 billion, a PE ratio of 30.43, a price-to-earnings-growth ratio of 1.93 and a beta of 1.04.

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

Analyst Upgrades and Downgrades

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

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