Livforsakringsbolaget Skandia Omsesidigt Decreases Stock Position in Core & Main, Inc. $CNM

Key Points

• Livforsakringsbolaget Skandia Omsesidigt has reduced its stake in Core & Main, Inc. by 25.2% in Q2, now holding 37,900 shares valued at approximately $2.29 million.
• Analysts have downgraded price targets for Core & Main shares, with Goldman Sachs lowering its target from $68.00 to $60.00, reflecting a more cautious outlook on the stock.
• Core & Main recently reported earnings of $0.87 per share for the last quarter, surpassing expectations, while its revenue was slightly below analyst estimates at $2.09 billion.

Livforsakringsbolaget Skandia Omsesidigt cut its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 25.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,900 shares of the company's stock after selling 12,800 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Core & Main were worth $2,287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC lifted its stake in Core & Main by 447.1% during the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after acquiring an additional 532 shares during the period. Rossby Financial LCC acquired a new stake in shares of Core & Main during the first quarter worth about $37,000. Cubist Systematic Strategies LLC increased its stake in shares of Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after buying an additional 524 shares during the period. CWM LLC increased its stake in Core & Main by 34.0% in the first quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after purchasing an additional 213 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in Core & Main by 1,491.8% in the first quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock valued at $56,000 after purchasing an additional 1,089 shares during the last quarter. Institutional investors own 94.19% of the company's stock.

Core & Main Price Performance

Core & Main stock traded up $0.56 during mid-day trading on Friday, reaching $50.92. 4,515,425 shares of the company were exchanged, compared to its average volume of 3,479,657. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.30. 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 $10.04 billion, a PE ratio of 22.73, a PEG ratio of 2.00 and a beta of 1.04. The company has a fifty day simple moving average of $61.63 and a 200-day simple moving average of $56.08.

Core & Main (NYSE:CNM - Get Free Report) last issued its earnings results on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.08. The business had revenue of $2.09 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. 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 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Loop Capital reissued a "hold" rating and issued a $68.00 target price on shares of Core & Main in a report on Monday, July 28th. The Goldman Sachs Group decreased their price target on Core & Main from $68.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, September 12th. Truist Financial dropped their price target on Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, September 11th. Royal Bank Of Canada cut their target price on Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 10th. Finally, Citigroup reduced their target price on Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, September 10th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $59.60.

Insiders Place Their Bets

In related news, CFO Robyn L. Bradbury sold 25,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $60.49, for a total value of $1,512,250.00. Following the transaction, the chief financial officer owned 8,555 shares of the company's stock, valued at $517,491.95. This represents a 74.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mark R. Witkowski sold 100,000 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $64.08, for a total value of $6,408,000.00. Following the completion of the transaction, the chief executive officer directly owned 35,847 shares in the company, valued at approximately $2,297,075.76. This represents a 73.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 422,956 shares of company stock valued at $26,343,241 in the last quarter. 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.