Engineers Gate Manager LP Decreases Stake in Core & Main, Inc. $CNM

Key Points

• Engineers Gate Manager LP cut its Core & Main stake by 67.5% in the second quarter, selling 479,866 shares and retaining 230,925 shares, or 0.12% of the company. Institutional investors overall own 94.19% of CNM.
• Core & Main reported fiscal second-quarter adjusted EPS of $0.94, exceeding the $0.91 consensus, while revenue rose 2.5% year over year to $2.15 billion. Management reaffirmed fiscal 2026 revenue guidance of $7.8 billion to $7.9 billion.
• Despite the earnings beat and a consensus “Moderate Buy” rating with a $55.60 average price target, analysts cited weak organic growth and lowered several targets. Shares fell 2.1% to $40.71, near the company’s 12-month low.

Engineers Gate Manager LP lowered its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 67.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 230,925 shares of the company's stock after selling 479,866 shares during the quarter. Engineers Gate Manager LP owned 0.12% of Core & Main worth $11,142,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in shares of Core & Main by 145.4% in the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after buying an additional 269 shares during the period. Cubist Systematic Strategies LLC raised its holdings in Core & Main by 262.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after buying an additional 524 shares during the last quarter. Quarry LP purchased a new stake in Core & Main during the 4th quarter valued at $38,000. Root Financial Partners LLC boosted its position in Core & Main by 111.6% during the 1st quarter. Root Financial Partners LLC now owns 895 shares of the company's stock valued at $44,000 after buying an additional 472 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in Core & Main in the 4th quarter worth $44,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Insider Buying and Selling

In related news, Director James Hope acquired 2,067 shares of the stock in a transaction on Monday, July 6th. The stock was acquired at an average cost of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the acquisition, the director directly owned 11,805 shares of the company's stock, valued at approximately $543,148.05. This represents a 21.23% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.51% of the stock is owned by company insiders.

Analyst Ratings Changes

CNM has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft set a $55.00 price objective on shares of Core & Main in a research report on Thursday. Royal Bank Of Canada cut their target price on Core & Main from $63.00 to $60.00 and set an "outperform" rating on the stock in a research note on Thursday. William Blair initiated coverage on Core & Main in a report on Thursday, July 23rd. They set a "market perform" rating on the stock. Barclays lowered their price target on Core & Main from $62.00 to $61.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Wells Fargo & Company dropped their price objective on Core & Main from $65.00 to $48.00 and set an "overweight" rating for the company in a report on Thursday. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $55.60.

Key Stories Impacting Core & Main

Here are the key news stories impacting Core & Main this week:

• Positive Sentiment: Core & Main reported fiscal second-quarter adjusted earnings of $0.94 per share, ahead of the roughly $0.91–$0.93 consensus, while revenue of $2.15 billion increased 2.5% year over year and slightly exceeded estimates. Core & Main Q2 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Management reaffirmed its fiscal 2026 outlook, including revenue of $7.8 billion to $7.9 billion, above the approximately $7.7 billion analyst consensus. Growth was supported by fire-protection products and acquisitions. Core & Main Reaffirms FY26 Outlook
• Neutral Sentiment: Brokerage sentiment remains generally constructive, with Core & Main receiving a consensus rating of “Moderate Buy.” Robert W. Baird kept an “outperform” rating but lowered its price target from $66 to $57, still implying substantial potential upside from recent levels. Core & Main Given Consensus Rating of Moderate Buy
• Negative Sentiment: Truist cut its price target from $50 to $45 and maintained a “hold” rating, signaling more limited near-term conviction despite the target remaining above the recent share price. Truist Cuts Price Target on Core & Main
• Negative Sentiment: Investors are concerned that growth in smart utilities and storm drainage remains tepid, prompting analysts to reduce forecasts after the earnings report. The stock subsequently reached a two-year low as markets weighed subdued organic growth against the earnings beat. Core & Main Slides to Two-Year Low on Organic Growth Concerns

Core & Main Stock Down 2.1%

Shares of Core & Main stock opened at $40.71 on Friday. The company has a current ratio of 2.47, a quick ratio of 1.31 and a debt-to-equity ratio of 1.16. Core & Main, Inc. has a 12-month low of $40.41 and a 12-month high of $59.66. The company has a market cap of $7.88 billion, a P/E ratio of 16.75, a PEG ratio of 1.43 and a beta of 0.91. The company's fifty day simple moving average is $44.57 and its two-hundred day simple moving average is $47.88.

Core & Main (NYSE:CNM - Get Free Report) last announced its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.03. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same quarter in the previous year, the firm posted $0.87 EPS. The company's revenue for the quarter was up 2.5% compared to the same quarter last year. Research analysts anticipate that Core & Main, Inc. will post 3.08 EPS for the current year.

Core & Main Profile

Core & Main, Inc NYSE: CNM is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.