Royal Bank of Canada Buys 79,282 Shares of 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 holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 45.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of CNM. Jennison Associates LLC bought a new stake in Core & Main in the first quarter worth $54,742,000. Artemis Investment Management LLP boosted its holdings in Core & Main by 109.6% during the first quarter. Artemis Investment Management LLP now owns 1,791,935 shares of the company's stock valued at $86,568,000 after acquiring an additional 936,863 shares during the period. Nuveen LLC bought a new stake in Core & Main during the first quarter valued at about $44,028,000. Raiffeisen Bank International AG bought a new stake in Core & Main during the fourth quarter valued at about $24,032,000. Finally, Driehaus Capital Management LLC boosted its holdings in Core & Main by 253.6% during the first quarter. Driehaus Capital Management LLC now owns 482,128 shares of the company's stock valued at $23,292,000 after acquiring an additional 345,763 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Insider Activity at Core & Main

In other news, Director Orvin T. Kimbrough sold 23,962 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.77, for a total transaction of $1,480,132.74. Following the sale, the director directly owned 13,958 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available through this link. Also, Director James G. Castellano sold 43,994 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were 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 in the company, valued at $287,463.24. This trade represents a 90.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 422,956 shares of company stock valued at $26,343,241. Insiders own 3.53% of the company's stock.

Core & Main Price Performance

NYSE:CNM traded down $0.35 during mid-day trading on Wednesday, hitting $49.17. The company's stock had a trading volume of 2,924,635 shares, compared to its average volume of 3,315,063. The company has a market capitalization of $9.69 billion, a price-to-earnings ratio of 21.95, a P/E/G ratio of 1.94 and a beta of 1.04. The stock has a fifty day moving average of $62.09 and a 200-day moving average of $55.99. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. Core & Main, Inc. has a fifty-two week low of $41.60 and a fifty-two week high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.08. The company had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The company's revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada decreased their price target on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a report on Wednesday, September 10th. Loop Capital restated a "hold" rating and set a $68.00 price target on shares of Core & Main in a report on Monday, July 28th. JPMorgan Chase & Co. reduced their target price on shares of Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Citigroup reduced their target price on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, September 10th. Finally, The Goldman Sachs Group reduced their target price on shares of Core & Main from $68.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, September 12th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $59.60.

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.