Nuveen LLC Makes New $44.03 Million Investment in Core & Main, Inc. $CNM

Key Points

• Nuveen LLC has invested approximately $44.03 million in Core & Main, acquiring 911,367 shares during the 1st quarter.
• Multiple hedge funds, including Cambridge Investment Research Advisors and Truist Financial Corp, have also increased their holdings in Core & Main, reflecting a strong interest from institutional investors, who own 94.19% of the company's stock.
• Analysts have adjusted their price targets for Core & Main, with Citigroup raising theirs to $62.00 and Wells Fargo raising theirs to $70.00, indicating a positive outlook for the stock.

Nuveen LLC acquired a new position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 911,367 shares of the company's stock, valued at approximately $44,028,000. Nuveen LLC owned about 0.46% of Core & Main as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Bornite Capital Management LP acquired a new position in Core & Main in the 1st quarter worth about $14,493,000. Townsquare Capital LLC acquired a new position in Core & Main in the 1st quarter worth about $327,000. Altfest L J & Co. Inc. increased its holdings in Core & Main by 43.3% in the 1st quarter. Altfest L J & Co. Inc. now owns 7,217 shares of the company's stock worth $349,000 after purchasing an additional 2,179 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Core & Main by 6.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,781,525 shares of the company's stock worth $86,065,000 after purchasing an additional 114,760 shares in the last quarter. Finally, New Age Alpha Advisors LLC increased its holdings in Core & Main by 6.7% in the 1st quarter. New Age Alpha Advisors LLC now owns 25,727 shares of the company's stock worth $1,243,000 after purchasing an additional 1,618 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Core & Main Stock Down 0.0%

Core & Main stock traded down $0.0250 during trading on Thursday, hitting $63.9450. 1,174,305 shares of the company were exchanged, compared to its average volume of 1,707,255. The business's 50 day moving average is $62.07 and its 200 day moving average is $55.16. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $65.97. The company has a market capitalization of $12.61 billion, a P/E ratio of 29.74, a PEG ratio of 1.89 and a beta of 1.04. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%.The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the prior year, the company posted $0.49 earnings per share. Core & Main's revenue was up 9.8% compared to the same quarter last year. Core & Main has set its FY 2025 guidance at EPS. Analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Analyst Ratings Changes

CNM has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Loop Capital restated a "hold" rating and set a $68.00 price objective on shares of Core & Main in a research report on Monday, July 28th. Citigroup raised their price objective on Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. Wells Fargo & Company raised their price objective on Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada raised their price objective on Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $60.00.

Insider Activity

In other news, CEO Mark R. Witkowski sold 100,000 shares of the company's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the transaction, the chief executive officer owned 35,847 shares of the company's stock, valued at $2,195,987.22. This represents a 73.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James G. Castellano sold 43,994 shares of the business's stock in a transaction 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 sale, the director owned 4,638 shares in the company, valued at approximately $287,463.24. The trade was a 90.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 528,445 shares of company stock worth $32,453,755. 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.