Millennium Management LLC Grows Stock Holdings 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 grew its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 36.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 636,956 shares of the company's stock after acquiring an additional 171,784 shares during the period. Millennium Management LLC owned about 0.32% of Core & Main worth $30,771,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Enhancing Capital LLC grew its position in shares of Core & Main by 0.6% during the 1st quarter. Enhancing Capital LLC now owns 31,846 shares of the company's stock valued at $1,538,000 after acquiring an additional 196 shares during the period. CWM LLC grew its position in shares of 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. Cambridge Investment Research Advisors Inc. grew its position in shares of Core & Main by 3.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after acquiring an additional 229 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Core & Main by 2.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company's stock valued at $527,000 after buying an additional 272 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of 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 buying an additional 330 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. The Goldman Sachs Group dropped their price target on shares of Core & Main from $68.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday. Citigroup dropped their price target on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 10th. Wells Fargo & Company dropped their price target on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Barclays dropped their price target on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 10th. Finally, Royal Bank Of Canada dropped their price target on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 10th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Core & Main currently has a consensus rating of "Moderate Buy" and an average target price of $59.60.

Insider Activity

In other news, Director Orvin T. Kimbrough sold 23,962 shares of the firm's stock in a transaction on Friday, July 18th. The shares were 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. This trade represents a 63.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Stephen O. Leclair sold 44,972 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $61.91, for a total transaction of $2,784,216.52. Following the sale, the insider owned 70,736 shares in the company, valued at approximately $4,379,265.76. This trade represents a 38.87% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 422,956 shares of company stock worth $26,343,241. Corporate insiders own 3.53% of the company's stock.

Core & Main Price Performance

Shares of Core & Main stock traded down $0.23 on Tuesday, hitting $49.53. 3,956,259 shares of the company traded hands, compared to its average volume of 3,197,293. The firm's 50-day simple moving average is $62.35 and its 200 day simple moving average is $56.03. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. The company has a market cap of $9.76 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.95 and a beta of 1.04. Core & Main, Inc. has a 12-month low of $41.60 and a 12-month high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last posted 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 analysts' expectations of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The business's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the company posted $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. Analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

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.