QRG Capital Management Inc. Sells 5,758 Shares of Core & Main, Inc. $CNM

Key Points

• QRG Capital Management Inc. reduced its holdings in Core & Main, Inc. by 49.8%, selling 5,758 shares during the second quarter, leaving them with a total of 5,794 shares worth $350,000.
• Several institutional investors, including Lecap Asset Management and PGGM Investments, made significant purchases of Core & Main shares during the same quarter, showcasing a strong institutional interest, with 94.19% of the stock currently owned by institutional investors.
• Core & Main's stock has seen analyst rating adjustments, with Wells Fargo increasing its price target from $58 to $60, while other firms like Barclays and Royal Bank of Canada have set their targets lower, indicating mixed sentiment among analysts.

QRG Capital Management Inc. reduced its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 49.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,794 shares of the company's stock after selling 5,758 shares during the quarter. QRG Capital Management Inc.'s holdings in Core & Main were worth $350,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Lecap Asset Management Ltd. bought a new position in shares of Core & Main during the 2nd quarter worth approximately $587,000. PGGM Investments acquired a new stake in Core & Main during the 2nd quarter worth approximately $18,014,000. Truist Financial Corp lifted its holdings in Core & Main by 19.9% during the 2nd quarter. Truist Financial Corp now owns 845,946 shares of the company's stock worth $51,053,000 after purchasing an additional 140,607 shares during the last quarter. Steph & Co. acquired a new stake in Core & Main during the 2nd quarter worth approximately $53,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in Core & Main by 0.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 167,010 shares of the company's stock worth $10,079,000 after purchasing an additional 1,453 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Insider Transactions at Core & Main

In other news, Director James G. Castellano sold 43,994 shares of Core & Main stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $61.98, for a total transaction of $2,726,748.12. Following the sale, the director directly owned 4,638 shares of the company's stock, valued at approximately $287,463.24. This trade represents a 90.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Orvin T. Kimbrough sold 23,962 shares of Core & Main stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $61.77, for a total value of $1,480,132.74. Following the sale, the director directly owned 13,958 shares in the company, valued at $862,185.66. The trade was a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 272,956 shares of company stock valued at $17,063,431. Company insiders own 3.53% of the company's stock.

Analyst Ratings Changes

CNM has been the subject of several research reports. Wells Fargo & Company lifted their price target on Core & Main from $58.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, October 1st. Barclays dropped their price objective on Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Royal Bank Of Canada dropped their price objective on Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a report on Wednesday, September 10th. JPMorgan Chase & Co. dropped their price objective on Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a report on Wednesday, September 10th. Finally, Loop Capital reaffirmed a "hold" rating and issued a $68.00 price objective on shares of Core & Main in a report on Monday, July 28th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.27.

Core & Main Price Performance

Core & Main stock opened at $49.31 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.30 and a current ratio of 2.25. Core & Main, Inc. has a 52 week low of $41.64 and a 52 week high of $67.18. The stock has a market capitalization of $9.74 billion, a P/E ratio of 22.01, a price-to-earnings-growth ratio of 1.93 and a beta of 0.98. The stock has a fifty day moving average of $58.13 and a 200-day moving average of $56.46.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 EPS 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 quarter in the previous year, the firm earned $0.61 EPS. Core & Main's revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. On average, sell-side analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Core & Main Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.