Goodnow Investment Group LLC Boosts Position in Core & Main, Inc. $CNM

Key Points

• Goodnow Investment Group increased its Core & Main stake by 18.2% in the fourth quarter, bringing its holdings to 760,839 shares valued at about $39.5 million. Core & Main is now Goodnow’s 10th-largest holding and makes up 3.7% of its portfolio.
• Other major institutions also added to their CNM positions, and institutional ownership remains high at 94.19%. Notable buyers included Morgan Stanley, Capital World Investors, and First Trust Advisors.
• Core & Main reported better-than-expected quarterly earnings, with EPS of $0.72 versus the $0.53 estimate and revenue of $1.91 billion versus $1.89 billion expected. Analysts currently rate the stock a “Moderate Buy” with an average target price of $57.73.

Goodnow Investment Group LLC lifted its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 18.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 760,839 shares of the company's stock after buying an additional 117,099 shares during the quarter. Core & Main comprises 3.7% of Goodnow Investment Group LLC's portfolio, making the stock its 10th biggest holding. Goodnow Investment Group LLC owned 0.39% of Core & Main worth $39,541,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Morgan Stanley raised its stake in shares of Core & Main by 8.3% in the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company's stock worth $758,079,000 after buying an additional 1,118,145 shares during the period. Capital World Investors raised its stake in shares of Core & Main by 5.8% in the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company's stock worth $327,034,000 after buying an additional 344,606 shares during the period. State Street Corp grew its position in shares of Core & Main by 1.0% during the fourth quarter. State Street Corp now owns 5,733,516 shares of the company's stock worth $297,971,000 after purchasing an additional 54,562 shares in the last quarter. Royal London Asset Management Ltd. grew its position in shares of Core & Main by 12.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company's stock worth $295,636,000 after purchasing an additional 632,077 shares in the last quarter. Finally, First Trust Advisors LP grew its position in shares of Core & Main by 38.6% during the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company's stock worth $276,380,000 after purchasing an additional 1,482,235 shares in the last quarter. Institutional investors own 94.19% of the company's stock.

Insider Buying and Selling

In other news, Director James D. Hope bought 1,972 shares of the firm's stock in a transaction on Tuesday, April 7th. The stock was acquired at an average cost of $50.70 per share, with a total value of $99,980.40. Following the transaction, the director directly owned 6,939 shares in the company, valued at approximately $351,807.30. This trade represents a 39.70% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of Core & Main stock in a transaction on Friday, April 17th. The shares were sold at an average price of $52.54, for a total value of $262,700.00. Following the sale, the chief financial officer directly owned 12,500 shares of the company's stock, valued at approximately $656,750. This trade represents a 28.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.51% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CNM. Deutsche Bank Aktiengesellschaft cut their target price on Core & Main from $65.00 to $62.00 and set a "buy" rating for the company in a research report on Wednesday, March 25th. The Goldman Sachs Group reiterated a "neutral" rating and set a $24.00 target price on shares of Core & Main in a research report on Thursday. Barclays cut their target price on Core & Main from $63.00 to $62.00 and set an "overweight" rating for the company in a research report on Wednesday, March 25th. Finally, Citigroup cut their target price on Core & Main from $54.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $57.73.

Core & Main Stock Performance

NYSE CNM opened at $47.57 on Tuesday. The stock has a market capitalization of $9.26 billion, a PE ratio of 20.15, a P/E/G ratio of 1.68 and a beta of 0.91. The business has a 50 day simple moving average of $49.72 and a two-hundred day simple moving average of $52.13. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.19. The business had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.89 billion. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The firm's revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 EPS. On average, research analysts predict that Core & Main, Inc. will post 3.06 EPS for the current fiscal year.

Core & Main Profile

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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