Royal Bank of Canada Grows Position in Core & Main, Inc. $CNM

Key Points

• The Royal Bank of Canada increased its stake in Core & Main, Inc. by 45.9% during the first quarter, owning approximately $12.17 million worth of shares.
• Core & Main's most recent earnings report showed an EPS of $0.87, exceeding analysts' expectations of $0.79, while revenue was $2.09 billion, slightly below the forecast.
• Several analysts have revised their target prices for Core & Main, with Citi lowering its target from $62.00 to $54.00 and maintaining a "neutral" rating.

Royal Bank of Canada increased its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 45.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 251,875 shares of the company's stock after purchasing an additional 79,282 shares during the period. Royal Bank of Canada owned approximately 0.13% of Core & Main worth $12,168,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Alamea Verwaltungs GmbH bought a new position in Core & Main in the first quarter valued at about $314,000. Vident Advisory LLC boosted its stake in shares of Core & Main by 155.9% during the first quarter. Vident Advisory LLC now owns 10,808 shares of the company's stock valued at $522,000 after purchasing an additional 6,584 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in shares of Core & Main by 253.6% during the first quarter. Driehaus Capital Management LLC now owns 482,128 shares of the company's stock worth $23,292,000 after purchasing an additional 345,763 shares during the last quarter. Eisler Capital Management Ltd. bought a new stake in shares of Core & Main during the first quarter worth about $213,000. Finally, PEAK6 LLC grew its holdings in shares of Core & Main by 13.2% during the first quarter. PEAK6 LLC now owns 25,693 shares of the company's stock worth $1,241,000 after purchasing an additional 2,993 shares during the last quarter. Institutional investors own 94.19% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Royal Bank Of Canada reduced their price target on Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a report on Wednesday, September 10th. Wells Fargo & Company reduced their price target on Core & Main from $70.00 to $58.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. Citigroup reduced their price target on Core & Main from $62.00 to $54.00 and set a "neutral" rating on the stock in a report on Wednesday, September 10th. Truist Financial reduced their price target on Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. reduced their price target on Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Core & Main has an average rating of "Moderate Buy" and an average target price of $59.60.

Insider Transactions at Core & Main

In other Core & Main news, Director Orvin T. Kimbrough sold 23,962 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 13,958 shares of the company's stock, valued at approximately $862,185.66. The trade was a 63.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark R. Witkowski sold 100,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $64.08, for a total value of $6,408,000.00. Following the completion of the transaction, the chief executive officer directly owned 35,847 shares in the company, valued at approximately $2,297,075.76. This trade represents a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 422,956 shares of company stock valued at $26,343,241. 3.53% of the stock is owned by insiders.

Core & Main Trading Up 2.2%

Shares of Core & Main stock traded up $1.05 during midday trading on Monday, reaching $49.72. The company had a trading volume of 4,311,066 shares, compared to its average volume of 2,126,754. Core & Main, Inc. has a fifty-two week low of $40.42 and a fifty-two week high of $67.18. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.30. The stock has a fifty day moving average price of $62.85 and a 200 day moving average price of $56.09. The firm has a market cap of $9.80 billion, a PE ratio of 22.20, a P/E/G ratio of 1.91 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.08. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The firm had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same period in the previous year, the firm earned $0.61 earnings per share. The company's revenue was up 6.6% compared to the same quarter last year. Core & Main has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current 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.