Millennium Management LLC Has $30.77 Million Stake in Core & Main, Inc. $CNM

Key Points

• Millennium Management LLC increased its stake in Core & Main by 36.9%, acquiring 171,784 additional shares during the first quarter, bringing their total holdings to 636,956 shares valued at approximately $30.77 million.
• Core & Main's stock has seen a recent price target reduction from several firms, with Wells Fargo lowering it from $70.00 to $58.00 while still maintaining an "overweight" rating.
• Insiders, including CEO Mark R. Witkowski, have sold significant amounts of stock recently, with 422,956 shares sold collectively, indicating a decrease in insider ownership, now at only 3.53%.

Millennium Management LLC increased its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 36.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 636,956 shares of the company's stock after purchasing an additional 171,784 shares during the quarter. Millennium Management LLC owned approximately 0.32% of Core & Main worth $30,771,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. raised its stake in shares of Core & Main by 9.9% during the 4th quarter. Ameriprise Financial Inc. now owns 240,388 shares of the company's stock valued at $12,238,000 after buying an additional 21,702 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Core & Main during the 4th quarter worth approximately $2,669,000. Deutsche Bank AG lifted its holdings in Core & Main by 2.0% in the fourth quarter. Deutsche Bank AG now owns 111,944 shares of the company's stock valued at $5,699,000 after acquiring an additional 2,207 shares during the last quarter. Ensign Peak Advisors Inc raised its position in Core & Main by 12.7% in the fourth quarter. Ensign Peak Advisors Inc now owns 64,111 shares of the company's stock valued at $3,264,000 after purchasing an additional 7,230 shares during the period. Finally, Lighthouse Investment Partners LLC purchased a new stake in shares of Core & Main during the fourth quarter worth $270,000. Institutional investors and hedge funds own 94.19% of the company's stock.

Core & Main Trading Down 1.4%

Shares of CNM stock traded down $0.69 during trading hours on Friday, reaching $48.76. 3,652,711 shares of the stock traded hands, compared to its average volume of 2,968,833. Core & Main, Inc. has a 1-year low of $39.86 and a 1-year high of $67.18. The business has a fifty day moving average price of $62.85 and a 200 day moving average price of $56.02. The company has a quick ratio of 1.10, a current ratio of 2.25 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $9.61 billion, a PE ratio of 21.77, a PEG ratio of 1.88 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.08. The firm had revenue of $2.09 billion for 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%. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CNM shares. Barclays decreased 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. Wells Fargo & Company decreased their target price on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a research report on Wednesday. Loop Capital restated a "hold" rating and set a $68.00 target price on shares of Core & Main in a report on Monday, July 28th. The Goldman Sachs Group dropped their target price 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. Finally, Citigroup reduced their target price on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Core & Main has an average rating of "Moderate Buy" and an average target price of $59.60.

Insider Buying and Selling

In other Core & Main news, CFO Robyn L. Bradbury sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $64.51, for a total value of $322,550.00. Following the completion of the sale, the chief financial officer directly owned 8,555 shares of the company's stock, valued at $551,883.05. The trade was a 36.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mark R. Witkowski sold 100,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the completion of the sale, the chief executive officer directly owned 35,847 shares of the company's stock, valued at $2,297,075.76. This represents a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 422,956 shares of company stock valued at $26,343,241. 3.53% of the stock is owned by company 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.