PGGM Investments Invests $18.01 Million in Core & Main, Inc. $CNM

Key Points

• PGGM Investments has invested approximately $18.01 million in Core & Main, acquiring 298,500 shares of the company’s stock, representing about 0.15% ownership.
• Core & Main, Inc. reported earnings of $0.87 per share for the last quarter, exceeding analysts' expectations of $0.79, with a total revenue of $2.09 billion.
• Institutional investors collectively hold 94.19% of Core & Main's stock, indicating strong institutional interest in the company.

PGGM Investments acquired a new stake in Core & Main, Inc. (NYSE:CNM - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 298,500 shares of the company's stock, valued at approximately $18,014,000. PGGM Investments owned about 0.15% of Core & Main as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new position in Core & Main during the 4th quarter valued at about $201,000. Versant Capital Management Inc raised its position in shares of Core & Main by 1,491.8% during the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock worth $56,000 after acquiring an additional 1,089 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Core & Main by 8,795.7% during the 1st quarter. GAMMA Investing LLC now owns 197,395 shares of the company's stock worth $9,536,000 after acquiring an additional 195,176 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Core & Main by 447.1% during the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock worth $31,000 after acquiring an additional 532 shares in the last quarter. Finally, NBC Securities Inc. increased its position in Core & Main by 94,918.2% during the first quarter. NBC Securities Inc. now owns 10,452 shares of the company's stock worth $504,000 after buying an additional 10,441 shares during the period. Institutional investors and hedge funds own 94.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CNM. 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. Citigroup decreased their target price on Core & Main from $62.00 to $54.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 10th. UBS Group started coverage on Core & Main in a research report on Monday. They set a "buy" rating and a $65.00 target price on the stock. Royal Bank Of Canada decreased their target price on Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 10th. Finally, Truist Financial decreased their target price 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. Seven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $60.09.

Insider Transactions at Core & Main

In related news, Director Orvin T. Kimbrough sold 23,962 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $61.77, for a total value of $1,480,132.74. Following the completion of the transaction, the director directly owned 13,958 shares in the company, valued at approximately $862,185.66. This represents a 63.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the company's stock in a transaction 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 transaction, the chief financial officer 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 disclosure for this sale can be found here. In the last three months, insiders sold 397,956 shares of company stock valued at $24,830,991. Corporate insiders own 3.53% of the company's stock.

Core & Main Stock Performance

NYSE CNM opened at $53.85 on Wednesday. Core & Main, Inc. has a fifty-two week low of $41.60 and a fifty-two week high of $67.18. The stock has a market cap of $10.63 billion, a price-to-earnings ratio of 24.04, a price-to-earnings-growth ratio of 2.10 and a beta of 1.04. The business has a fifty day moving average of $60.22 and a 200-day moving average of $56.30. The company has a quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.08. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The company had revenue of $2.09 billion during the quarter, compared to analysts' expectations of $2.12 billion. During the same period in the previous year, the firm posted $0.61 earnings per share. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. Core & Main has set its FY 2025 guidance at EPS. As a group, analysts predict 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.

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