Woodline Partners LP Lowers Stake in Core & Main, Inc. $CNM

Key Points

• Woodline Partners LP has reduced its holdings in Core & Main, Inc. by 48.8% in the first quarter, now owning approximately 0.08% of the company, totaling $7,673,000.
• Insider sell-offs included CFO Robyn L. Bradbury selling 5,000 shares, resulting in a 36.89% decrease in her ownership, and insider Stephen O. Leclair selling 44,972 shares, with a 38.87% decrease in his ownership.
• Research analysts have adjusted their targets for Core & Main, with Truist Financial lowering the price objective from $56.00 to $50.00 and Citigroup from $62.00 to $54.00, while the stock currently holds a consensus rating of "Moderate Buy."

Woodline Partners LP decreased its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 48.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 158,827 shares of the company's stock after selling 151,187 shares during the period. Woodline Partners LP owned 0.08% of Core & Main worth $7,673,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in 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 valued at $137,284,000 after buying an additional 8,052 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Core & Main by 12.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,232,542 shares of the company's stock valued at $107,857,000 after buying an additional 244,500 shares during the last quarter. Artemis Investment Management LLP raised its position in shares of Core & Main by 109.6% during the first quarter. Artemis Investment Management LLP now owns 1,791,935 shares of the company's stock valued at $86,568,000 after buying an additional 936,863 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 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 during the last quarter. Finally, KBC Group NV raised its position in shares of 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 during the last quarter. Institutional investors own 94.19% of the company's stock.

Analyst Upgrades and Downgrades

CNM has been the topic of several recent analyst reports. Truist Financial reduced their price objective 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. The Goldman Sachs Group reduced their price objective on shares of Core & Main from $68.00 to $60.00 and set a "neutral" rating on the stock in a research report on Friday, September 12th. Loop Capital reissued a "hold" rating and issued a $68.00 target price on shares of Core & Main in a report on Monday, July 28th. Barclays cut their target price on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Finally, Royal Bank Of Canada cut their target price on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a report on Wednesday, September 10th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $59.60.

Insider Activity at Core & Main

In other Core & Main news, CFO Robyn L. Bradbury sold 25,000 shares of Core & Main stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $60.49, for a total transaction of $1,512,250.00. Following the completion of the transaction, the chief financial officer directly owned 8,555 shares of the company's stock, valued at $517,491.95. The trade was a 74.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen O. Leclair sold 80,028 shares of Core & Main stock in a transaction on 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 directly owned 70,736 shares of the company's stock, valued at $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 422,956 shares of company stock valued at $26,343,241 over the last three months. Corporate insiders own 3.53% of the company's stock.

Core & Main Stock Performance

NYSE CNM remained flat at $49.52 on Wednesday. 505,317 shares of the company's stock traded hands, compared to its average volume of 2,127,906. 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 50-day moving average price of $62.35 and a two-hundred day moving average price of $56.03. The stock has a market capitalization of $9.76 billion, a price-to-earnings ratio of 22.12, a P/E/G ratio of 1.95 and a beta of 1.04. Core & Main, Inc. has a 52 week low of $41.60 and a 52 week high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.79 by $0.08. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. Core & Main's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. Sell-side 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.