Tidal Investments LLC Reduces Position in Core & Main, Inc. $CNM

Key Points

• Tidal Investments cut its Core & Main stake by 94.9% in the second quarter, selling 201,383 shares and retaining 10,856 shares worth approximately $524,000.
• Core & Main reported quarterly EPS of $0.94, exceeding estimates of $0.91, while revenue rose 2.5% year over year to $2.15 billion. Institutional investors collectively own 94.19% of the stock.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $55.64, versus a recent share price of $43.00.

Tidal Investments LLC reduced its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 94.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,856 shares of the company's stock after selling 201,383 shares during the period. Tidal Investments LLC's holdings in Core & Main were worth $524,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. California State Teachers Retirement System raised its holdings in Core & Main by 22.3% in the 1st quarter. California State Teachers Retirement System now owns 219,934 shares of the company's stock valued at $10,865,000 after buying an additional 40,050 shares during the period. KBC Group NV boosted its stake in Core & Main by 4.5% during the first quarter. KBC Group NV now owns 2,737,992 shares of the company's stock worth $135,257,000 after buying an additional 119,076 shares during the period. WINTON GROUP Ltd increased its position in shares of Core & Main by 177.4% during the fourth quarter. WINTON GROUP Ltd now owns 33,015 shares of the company's stock valued at $1,716,000 after acquiring an additional 21,113 shares during the last quarter. Fox Hill Wealth Management acquired a new stake in shares of Core & Main during the fourth quarter valued at about $2,798,000. Finally, Foster & Motley Inc. purchased a new stake in shares of Core & Main in the 2nd quarter valued at approximately $1,282,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Stock Performance

Shares of Core & Main stock opened at $43.00 on Tuesday. The company has a quick ratio of 1.51, a current ratio of 2.47 and a debt-to-equity ratio of 1.16. Core & Main, Inc. has a 52 week low of $40.03 and a 52 week high of $59.66. The firm's 50 day moving average is $44.08 and its two-hundred day moving average is $47.25. The firm has a market capitalization of $8.19 billion, a P/E ratio of 17.70, a P/E/G ratio of 1.78 and a beta of 0.91.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings data on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.03. The business had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The company's revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.87 EPS. Research analysts forecast that Core & Main, Inc. will post 3 EPS for the current fiscal year.

Insider Activity at Core & Main

In other Core & Main news, Director James Hope bought 2,067 shares of the firm's stock in a transaction dated Monday, July 6th. The stock was acquired at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the purchase, the director owned 11,805 shares of the company's stock, valued at approximately $543,148.05. This represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.51% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on CNM shares. The Goldman Sachs Group restated a "neutral" rating and set a $53.00 price target on shares of Core & Main in a research note on Thursday, September 10th. Deutsche Bank Aktiengesellschaft set a $55.00 price objective on Core & Main in a report on Thursday, September 10th. Royal Bank Of Canada lowered their target price on Core & Main from $63.00 to $60.00 and set an "outperform" rating for the company in a report on Thursday, September 10th. William Blair began coverage on Core & Main in a research report on Thursday, July 23rd. They issued a "market perform" rating for the company. Finally, Northcoast Research lowered shares of Core & Main from a "buy" rating to a "neutral" rating in a research note on Wednesday, August 26th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.64.

About Core & Main

Core & Main, Inc NYSE: CNM is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.

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