Raymond James Financial Inc. Lowers Holdings in Core & Main, Inc. $CNM

Key Points

• Raymond James Financial Inc. reduced its stake in Core & Main, Inc. by 12.1%, selling 274,123 shares and holding approximately 1.995 million shares valued at $96.4 million.
• Insider transactions include CEO Mark R. Witkowski selling 100,000 shares for $6.1 million, and Director Orvin T. Kimbrough selling 23,962 shares for $1.48 million, resulting in significant decreases in their ownership percentages.
• Research firm ratings for Core & Main show a mix of target price increases, with Wells Fargo raising its target from $65 to $70, while overall, the stock has received six Buy ratings and three Hold ratings from analysts.

Raymond James Financial Inc. reduced its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 12.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,995,675 shares of the company's stock after selling 274,123 shares during the quarter. Raymond James Financial Inc. owned approximately 1.01% of Core & Main worth $96,411,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CNM. Mariner LLC increased its holdings in Core & Main by 23.0% during the 4th quarter. Mariner LLC now owns 7,575 shares of the company's stock worth $386,000 after purchasing an additional 1,415 shares during the period. Marshall Wace LLP purchased a new position in Core & Main during the 4th quarter worth $2,719,000. Canada Pension Plan Investment Board purchased a new position in Core & Main during the 4th quarter worth $148,000. Dimensional Fund Advisors LP increased its holdings in Core & Main by 7.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,988,042 shares of the company's stock worth $101,209,000 after purchasing an additional 133,065 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in Core & Main by 8.3% during the 4th quarter. MetLife Investment Management LLC now owns 114,136 shares of the company's stock worth $5,811,000 after purchasing an additional 8,709 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insider Activity at Core & Main

In related news, Director James G. Castellano sold 43,994 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was 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 $287,463.24. This represents a 90.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Orvin T. Kimbrough sold 23,962 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the director owned 13,958 shares in the company, valued at approximately $862,185.66. This represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 528,445 shares of company stock worth $32,453,755 in the last quarter. 3.53% of the stock is owned by insiders.

Core & Main Stock Down 1.4%

CNM stock traded down $0.9050 on Monday, hitting $64.5850. 134,872 shares of the company's stock were exchanged, compared to its average volume of 1,952,354. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $66.27. The firm has a 50 day moving average price of $62.26 and a two-hundred day moving average price of $55.24. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96. The stock has a market cap of $12.73 billion, a P/E ratio of 30.04, a price-to-earnings-growth ratio of 1.93 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last announced its earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share 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 firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same period in the previous year, the business earned $0.49 EPS. The firm's revenue for the quarter was up 9.8% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Core & Main, Inc. will post 2.16 EPS 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.