Core & Main, Inc. $CNM Shares Sold by Woodline Partners LP

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 cut its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 48.8% during the first quarter, according to its most recent filing with the Securities & 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 approximately 0.08% of Core & Main worth $7,673,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its position in shares of Core & Main by 9.9% in the fourth quarter. Ameriprise Financial Inc. now owns 240,388 shares of the company's stock valued at $12,238,000 after purchasing an additional 21,702 shares during the period. BNP Paribas Financial Markets purchased a new stake in Core & Main during the 4th quarter worth approximately $2,669,000. Deutsche Bank AG raised its holdings in shares of Core & Main by 2.0% during the fourth quarter. Deutsche Bank AG now owns 111,944 shares of the company's stock valued at $5,699,000 after acquiring an additional 2,207 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in shares of Core & Main by 12.7% in the fourth quarter. Ensign Peak Advisors Inc now owns 64,111 shares of the company's stock worth $3,264,000 after acquiring an additional 7,230 shares during the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new stake in shares of Core & Main in the fourth quarter worth approximately $270,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Insiders Place Their Bets

In other news, CFO Robyn L. Bradbury sold 5,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $64.51, for a total transaction of $322,550.00. Following the sale, the chief financial officer owned 8,555 shares of the company's stock, valued at approximately $551,883.05. This represents a 36.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark R. Witkowski sold 100,000 shares of Core & Main stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the completion of the transaction, the chief executive officer owned 35,847 shares of the company's stock, valued at $2,297,075.76. This trade represents a 73.61% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 422,956 shares of company stock valued at $26,343,241. Insiders own 3.53% of the company's stock.

Core & Main Trading Up 2.2%

Core & Main stock traded up $1.05 during mid-day trading on Monday, hitting $49.72. The company's stock had a trading volume of 4,369,191 shares, compared to its average volume of 2,127,296. Core & Main, Inc. has a 1 year low of $40.42 and a 1 year high of $67.18. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $9.80 billion, a PE ratio of 22.20, a price-to-earnings-growth ratio of 1.91 and a beta of 1.04. The stock's fifty day moving average is $62.85 and its two-hundred day moving average is $56.09.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.79 by $0.08. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The business had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same quarter in the prior year, the company posted $0.61 EPS. The company's quarterly revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. On average, analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CNM. JPMorgan Chase & Co. decreased their price objective on Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. Royal Bank Of Canada lowered their price target on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 10th. Wells Fargo & Company decreased their target price 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. Barclays dropped their price target on Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, September 10th. Finally, Truist Financial reduced their price objective on Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $59.60.

About Core & Main

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.