Core & Main, Inc. $CNM Shares Bought by Driehaus Capital Management LLC

Key Points

• Driehaus Capital Management LLC increased its stake in Core & Main, Inc. by 253.6%, holding 482,128 shares valued at approximately $23.29 million as of the latest SEC filing.
• Core & Main, Inc. reported a quarterly revenue of $1.91 billion, exceeding analyst expectations, with earnings per share matching estimates at $0.52.
• Insider selling was significant, with one insider selling 44,972 shares and another selling 43,994 shares, reflecting major decreases in their ownership stakes.

Driehaus Capital Management LLC lifted its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 253.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 482,128 shares of the company's stock after buying an additional 345,763 shares during the quarter. Driehaus Capital Management LLC owned approximately 0.24% of Core & Main worth $23,292,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Core & Main by 3.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock worth $343,000 after buying an additional 229 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Core & Main by 21.2% in the first quarter. Truist Financial Corp now owns 705,339 shares of the company's stock worth $34,075,000 after buying an additional 123,494 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Core & Main by 6.3% during the first quarter. Envestnet Asset Management Inc. now owns 159,896 shares of the company's stock worth $7,725,000 after purchasing an additional 9,473 shares in the last quarter. Perpetual Ltd boosted its position in Core & Main by 12.4% during the first quarter. Perpetual Ltd now owns 223,671 shares of the company's stock worth $10,806,000 after purchasing an additional 24,610 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its position in Core & Main by 53.7% during the first quarter. New York State Teachers Retirement System now owns 86,679 shares of the company's stock worth $4,187,000 after purchasing an additional 30,286 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Price Performance

Shares of NYSE CNM traded up $1.24 during midday trading on Thursday, hitting $65.81. The stock had a trading volume of 1,467,272 shares, compared to its average volume of 1,562,991. The company has a market capitalization of $12.97 billion, a PE ratio of 30.61, a P/E/G ratio of 1.91 and a beta of 1.04. The stock has a 50 day simple moving average of $63.62 and a 200-day simple moving average of $55.89. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $66.27. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 1.23.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CNM shares. Loop Capital reiterated a "hold" rating and set a $68.00 price target on shares of Core & Main in a research report on Monday, July 28th. Citigroup increased their price target on Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. JPMorgan Chase & Co. increased their price target on Core & Main from $56.00 to $64.00 and gave the stock an "overweight" rating in a research report on Thursday. Royal Bank Of Canada increased their price target on Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Finally, Wells Fargo & Company increased their price target on Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $60.73.

Insider Transactions at Core & Main

In related news, Director James G. Castellano sold 43,994 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $61.98, for a total value of $2,726,748.12. Following the completion of the sale, the director owned 4,638 shares of the company's stock, valued at approximately $287,463.24. This trade represents a 90.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark R. Witkowski sold 100,000 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $64.08, for a total value of $6,408,000.00. Following the sale, the chief executive officer directly owned 35,847 shares of the company's stock, valued at approximately $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 90 days, insiders have sold 472,956 shares of company stock valued at $29,344,741. 3.53% of the stock is currently owned by company insiders.

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.