Liontrust Investment Partners LLP Sells 84,697 Shares of Core & Main, Inc. $CNM

Key Points

• Liontrust Investment Partners LLP reduced its stake in Core & Main, Inc. by 3.9% in the recent quarter, owning a total of approximately 2.11 million shares valued at about $101.97 million.
• CEO Mark R. Witkowski sold 100,000 shares of the company's stock, representing a 73.61% decrease in his position, while other insiders also significantly reduced their ownership.
• Several analysts increased their price targets on Core & Main, with Citigroup raising their target from $56.00 to $62.00 and Wells Fargo from $65.00 to $70.00, reflecting positive sentiment among market watchers.

Liontrust Investment Partners LLP decreased its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 3.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,110,692 shares of the company's stock after selling 84,697 shares during the period. Core & Main comprises 1.6% of Liontrust Investment Partners LLP's portfolio, making the stock its 25th largest holding. Liontrust Investment Partners LLP owned about 1.07% of Core & Main worth $101,968,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Parallel Advisors LLC raised its holdings in shares of Core & Main by 447.1% during the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after purchasing an additional 532 shares in the last quarter. Rossby Financial LCC acquired a new position in Core & Main during the first quarter worth $37,000. CWM LLC raised its holdings in Core & Main by 34.0% during the first quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after buying an additional 213 shares in the last quarter. Versant Capital Management Inc raised its holdings in Core & Main by 1,491.8% during the first quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock valued at $56,000 after buying an additional 1,089 shares in the last quarter. Finally, Ancora Advisors LLC acquired a new stake in shares of Core & Main in the fourth quarter worth about $75,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Stephen O. Leclair sold 44,972 shares of Core & Main stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $61.91, for a total value of $2,784,216.52. Following the completion of the transaction, the insider directly owned 70,736 shares of the company's stock, valued at $4,379,265.76. The trade was a 38.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $64.51, for a total transaction of $322,550.00. Following the transaction, the chief financial officer owned 8,555 shares in the company, valued at approximately $551,883.05. This trade represents a 36.89% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 528,445 shares of company stock valued at $32,453,755. Corporate insiders own 3.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CNM. JPMorgan Chase & Co. increased their price objective on Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Wells Fargo & Company upped their target price on Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada increased their price target on Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Tuesday, June 10th. Loop Capital restated a "hold" rating and issued a $68.00 price objective on shares of Core & Main in a research note on Monday, July 28th. Finally, Citigroup upped their price objective on shares of Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a report 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, Core & Main has a consensus rating of "Hold" and a consensus target price of $60.00.

Core & Main Stock Performance

Shares of CNM traded down $1.19 during trading hours on Wednesday, reaching $63.96. 1,098,525 shares of the company traded hands, compared to its average volume of 1,755,129. The stock's fifty day moving average is $61.92 and its 200 day moving average is $55.11. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $65.97. The stock has a market cap of $12.61 billion, a P/E ratio of 29.75, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04.

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

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.