Meritage Portfolio Management Increases Holdings in Core & Main, Inc. $CNM

Key Points

• Meritage Portfolio Management increased its holdings in Core & Main, Inc. by 90.2%, owning a total of 25,520 shares valued at approximately $1.54 million as of the end of the second quarter.
• Institutional investors now hold 94.19% of Core & Main's stock, reflecting significant confidence in the company amidst various changes in positions by other funds.
• Core & Main reported a quarterly EPS of $0.87, surpassing estimates, and experienced a 6.6% increase in revenue year-over-year despite some reduced price targets from analysts.

Meritage Portfolio Management lifted its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 90.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,520 shares of the company's stock after buying an additional 12,104 shares during the quarter. Meritage Portfolio Management's holdings in Core & Main were worth $1,540,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new position in Core & Main during the 4th quarter valued at about $201,000. GAMMA Investing LLC increased its position in Core & Main by 84.1% during the 1st quarter. GAMMA Investing LLC now owns 4,086 shares of the company's stock valued at $197,000 after purchasing an additional 1,867 shares during the period. State of Alaska Department of Revenue increased its position in Core & Main by 1.5% during the 1st quarter. State of Alaska Department of Revenue now owns 22,285 shares of the company's stock valued at $1,076,000 after purchasing an additional 330 shares during the period. Boston Trust Walden Corp bought a new position in Core & Main in the first quarter worth approximately $9,786,000. Finally, Cambridge Investment Research Advisors Inc. raised its stake in 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 in the last quarter. Institutional investors own 94.19% of the company's stock.

Core & Main Trading Down 3.3%

Shares of NYSE:CNM opened at $49.31 on Monday. The firm has a market capitalization of $9.74 billion, a P/E ratio of 22.01, a P/E/G ratio of 1.93 and a beta of 0.98. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.30. The business's 50-day moving average is $58.13 and its 200 day moving average is $56.51. Core & Main, Inc. has a 1 year low of $41.64 and a 1 year 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 EPS for the quarter, beating the consensus estimate of $0.79 by $0.08. The firm had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. Core & Main's revenue was up 6.6% on a year-over-year basis. During the same period last year, the firm posted $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. On average, research analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CNM. Barclays reduced their price objective on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Royal Bank Of Canada decreased their price objective on Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a research note on Wednesday, September 10th. Zacks Research cut Core & Main from a "hold" rating to a "strong sell" rating in a research note on Monday, September 29th. Wells Fargo & Company raised their price target on shares of Core & Main from $58.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, October 1st. Finally, Citigroup lowered their price target on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, September 10th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $60.27.

Insider Activity at Core & Main

In other Core & Main news, Director Orvin T. Kimbrough sold 23,962 shares of the business's stock in a transaction dated 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 sale, the director owned 13,958 shares in the company, valued at approximately $862,185.66. The trade was a 63.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark R. Witkowski sold 100,000 shares of the business's stock in a transaction dated 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 sale, the chief executive officer owned 35,847 shares in the company, valued at approximately $2,297,075.76. The trade was a 73.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 272,956 shares of company stock valued at $17,063,431. 3.53% of the stock is currently owned by corporate insiders.

About Core & Main

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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