Covea Finance Purchases New Holdings in Core & Main, Inc. $CNM

Key Points

• Covea Finance acquired a new stake of 42,200 shares in Core & Main, Inc. ($CNM), valued at approximately $2.5 million, in the second quarter.
• Insider selling has occurred, with Director Orvin T. Kimbrough and CFO Robyn L. Bradbury selling a combined total of over 48,000 shares in recent transactions.
• Core & Main has received reduced price targets from several brokerages, reflecting changing market sentiment, with a consensus rating of "Moderate Buy" and an average price target of $59.60.

Covea Finance purchased a new stake in Core & Main, Inc. (NYSE:CNM - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 42,200 shares of the company's stock, valued at approximately $2,547,000.

Other institutional investors have also made changes to their positions in the company. Bfsg LLC boosted its stake in shares of Core & Main by 56.4% in the second quarter. Bfsg LLC now owns 560 shares of the company's stock valued at $34,000 after buying an additional 202 shares during the period. Parallel Advisors LLC raised its position in Core & Main by 447.1% during the first 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 valued at approximately $37,000. Cubist Systematic Strategies LLC raised its position in Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after purchasing an additional 524 shares in the last quarter. Finally, CWM LLC raised its position 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 purchasing an additional 213 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Core & Main Trading Down 0.4%

Shares of CNM stock opened at $50.73 on Tuesday. The company has a 50 day moving average of $61.43 and a 200-day moving average of $56.15. The company has a quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14. Core & Main, Inc. has a 12-month low of $41.60 and a 12-month high of $67.18. The firm has a market cap of $10.02 billion, a P/E ratio of 22.65, a PEG ratio of 2.00 and a beta of 1.04.

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

Insider Buying and Selling

In related news, Director Orvin T. Kimbrough sold 23,962 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.77, for a total value of $1,480,132.74. Following the completion of the transaction, the director directly owned 13,958 shares of the company's stock, valued at approximately $862,185.66. This trade represents a 63.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robyn L. Bradbury sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was 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 approximately $517,491.95. This trade represents a 74.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 422,956 shares of company stock worth $26,343,241 in the last 90 days. 3.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on CNM. Wells Fargo & Company lowered their price objective on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating for the company in a research report on Wednesday, September 10th. Citigroup lowered their price objective on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a research report on Wednesday, September 10th. Truist Financial lowered their price objective on shares of Core & Main from $56.00 to $50.00 and set a "hold" rating for the company in a research report on Thursday, September 11th. The Goldman Sachs Group lowered their price target on shares of Core & Main from $68.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, September 12th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $59.60.

Core & Main Company 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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