Thematics Asset Management Sells 70,000 Shares of Core & Main, Inc. $CNM

Key Points

• Thematics Asset Management reduced its stake in Core & Main, Inc. by 15.3%, owning about 0.20% of the company worth approximately $18.79 million after selling 70,000 shares.
• Multiple institutional investors, including Parallel Advisors LLC and Versant Capital Management Inc, significantly increased their holdings in Core & Main, demonstrating strong investor interest with overall institutional ownership at 94.19%.
• Core & Main's stock price recently reached $65.42 with a market cap of $12.90 billion, after reporting a quarterly earnings consistent with analysts' expectations, alongside a year-over-year revenue increase of 9.8%.

Thematics Asset Management lessened its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 15.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 389,000 shares of the company's stock after selling 70,000 shares during the quarter. Thematics Asset Management owned 0.20% of Core & Main worth $18,793,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CNM. Enhancing Capital LLC raised its holdings in Core & Main by 0.6% during the 1st quarter. Enhancing Capital LLC now owns 31,846 shares of the company's stock valued at $1,538,000 after buying an additional 196 shares during the last quarter. CWM LLC increased its position in shares of Core & Main by 34.0% in the first quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after acquiring an additional 213 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of Core & Main by 3.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after acquiring an additional 229 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Core & Main by 2.6% during the first quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company's stock worth $527,000 after purchasing an additional 272 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in shares of Core & Main by 1.5% in the first quarter. State of Alaska Department of Revenue now owns 22,285 shares of the company's stock worth $1,076,000 after purchasing an additional 330 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Core & Main Stock Down 1.0%

NYSE:CNM traded down $0.64 during trading hours on Thursday, reaching $65.11. 972,196 shares of the company traded hands, compared to its average volume of 1,941,608. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23. The business's 50-day moving average price is $62.81 and its two-hundred day moving average price is $55.45. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $66.27. The stock has a market capitalization of $12.83 billion, a P/E ratio of 30.28, a P/E/G ratio of 1.92 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.84 billion. Core & Main had a return on equity of 23.55% and a net margin of 5.47%.The company's revenue was up 9.8% on a year-over-year basis. During the same period last year, the company earned $0.49 earnings per share. Core & Main has set its FY 2025 guidance at EPS. Analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Insider Transactions at Core & Main

In other news, CEO Mark R. Witkowski sold 100,000 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the transaction, the chief executive officer directly owned 35,847 shares of the company's stock, valued at $2,297,075.76. This represents a 73.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Mark G. Whittenburg sold 49,100 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $60.03, for a total value of $2,947,473.00. Following the completion of the transaction, the general counsel owned 9,691 shares in the company, valued at approximately $581,750.73. This trade represents a 83.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 518,651 shares of company stock valued at $31,915,085. 3.53% of the stock is currently owned by insiders.

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.