Core & Main, Inc. $CNM Shares Sold by Select Equity Group L.P.

Key Points

• Select Equity Group L.P. reduced its stake in Core & Main, Inc. by 2.3% during the first quarter, selling 300,860 shares and retaining a total of 12,881,919 shares, valued at approximately $622.3 million.
• Core & Main reported a net revenue of $1.91 billion for the most recent quarter, exceeding analyst estimates, with an earnings per share of $0.52, matching analysts' expectations.
• Multiple institutional investors have increased their stakes in Core & Main, with Millennium Management LLC raising its ownership by 36.9% during the first quarter, reflecting significant institutional interest in the company.

Select Equity Group L.P. cut its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 2.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,881,919 shares of the company's stock after selling 300,860 shares during the quarter. Core & Main accounts for approximately 2.7% of Select Equity Group L.P.'s investment portfolio, making the stock its 8th largest position. Select Equity Group L.P. owned 6.51% of Core & Main worth $622,326,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC lifted its holdings in shares of Core & Main by 447.1% in the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after acquiring an additional 532 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Core & Main by 262.0% during the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after buying an additional 524 shares during the period. Rossby Financial LCC purchased a new position in Core & Main during the first quarter worth $37,000. CWM LLC boosted its stake in Core & Main by 34.0% during the first quarter. CWM LLC now owns 839 shares of the company's stock worth $41,000 after buying an additional 213 shares during the period. Finally, Versant Capital Management Inc boosted its stake in Core & Main by 1,491.8% during the first quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock worth $56,000 after buying an additional 1,089 shares during the period. Institutional investors own 94.19% of the company's stock.

Insiders Place Their Bets

In other news, CFO Robyn L. Bradbury sold 25,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $60.49, for a total transaction of $1,512,250.00. Following the completion of the sale, the chief financial officer owned 8,555 shares in the company, valued at approximately $517,491.95. This represents a 74.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark R. Witkowski sold 100,000 shares of the stock in a transaction 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 sale, the chief executive officer owned 35,847 shares of the company's stock, valued at approximately $2,297,075.76. This represents a 73.61% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 422,956 shares of company stock worth $26,343,241. Insiders own 3.53% of the company's stock.

Core & Main Stock Down 0.0%

Shares of NYSE:CNM traded down $0.01 on Friday, reaching $49.44. The company had a trading volume of 1,167,282 shares, compared to its average volume of 2,099,709. Core & Main, Inc. has a 52-week low of $39.86 and a 52-week high of $67.18. The firm's 50 day simple moving average is $63.12 and its 200-day simple moving average is $56.02. The firm has a market capitalization of $9.75 billion, a PE ratio of 22.09, a PEG ratio of 1.45 and a beta of 1.04. The company has a current ratio of 2.25, a quick ratio of 1.10 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same period last year, the business posted $0.61 EPS. The business's revenue 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 expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on CNM. JPMorgan Chase & Co. reduced their target price on Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a research note on Wednesday. Royal Bank Of Canada reduced their target price on Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a research note on Wednesday. Citigroup reduced their target price on Core & Main from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday. Barclays decreased their price target on shares of Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company decreased their price target on shares of Core & Main from $70.00 to $58.00 and set an "overweight" rating for the company in a research note on Wednesday. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $59.30.

Core & Main Company 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.