Johnson Investment Counsel Inc. Buys 8,286 Shares of Core & Main, Inc. $CNM

Key Points

• Johnson Investment Counsel Inc. increased its stake in Core & Main, Inc. by 24.0%, acquiring an additional 8,286 shares during the 2nd quarter, bringing its total holdings to 42,826 shares valued at approximately $2.58 million.
• Insider transactions revealed significant sales, with Director Orvin T. Kimbrough and Director James G. Castellano selling a combined 67,956 shares at an average price over $61 each, resulting in a notable decrease in their ownership stakes.
• Core & Main reported $0.87 in earnings per share for the most recent quarter, exceeding analysts' expectations, while the company's revenue grew by 6.6% year-over-year despite falling slightly short of estimates.

Johnson Investment Counsel Inc. raised its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 24.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 42,826 shares of the company's stock after acquiring an additional 8,286 shares during the period. Johnson Investment Counsel Inc.'s holdings in Core & Main were worth $2,585,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bfsg LLC lifted its stake in Core & Main by 56.4% during the 2nd quarter. Bfsg LLC now owns 560 shares of the company's stock valued at $34,000 after acquiring an additional 202 shares during the period. Rossby Financial LCC bought a new position in Core & Main during the 1st quarter valued at about $37,000. Cubist Systematic Strategies LLC lifted its stake 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 acquiring an additional 524 shares during the period. CWM LLC lifted its stake in Core & Main by 34.0% during the 1st quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after acquiring an additional 213 shares during the period. Finally, Steph & Co. purchased a new stake in shares of Core & Main during the 2nd quarter valued at about $53,000. Institutional investors own 94.19% of the company's stock.

Insider Buying and Selling

In related news, Director Orvin T. Kimbrough sold 23,962 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $61.77, for a total transaction of $1,480,132.74. Following the completion of the transaction, the director directly owned 13,958 shares in the company, valued at approximately $862,185.66. The trade was a 63.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James G. Castellano sold 43,994 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.98, for a total value of $2,726,748.12. Following the transaction, 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 272,956 shares of company stock valued at $17,063,431. Insiders own 3.53% of the company's stock.

Core & Main Trading Up 0.5%

Shares of NYSE:CNM opened at $49.52 on Tuesday. The stock has a 50 day moving average of $57.85 and a 200 day moving average of $56.52. The company has a market cap of $9.78 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 1.93 and a beta of 0.98. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. Core & Main, Inc. has a 12-month low of $41.64 and a 12-month high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.08. The company had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.12 billion. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The firm's revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CNM shares. UBS Group started coverage on shares of Core & Main in a research report on Monday, September 29th. They set a "buy" rating and a $65.00 price target for the company. Wells Fargo & Company upped their price target on shares of Core & Main from $58.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 1st. JPMorgan Chase & Co. reduced their price target on shares of Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a research report on Wednesday, September 10th. The Goldman Sachs Group reduced their price target on shares of Core & Main from $68.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, September 12th. Finally, Royal Bank Of Canada reduced their price target on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research report on Wednesday, September 10th. Seven 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's stock. Based on data from MarketBeat.com, Core & Main currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.27.

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.

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