UniSuper Management Pty Ltd Invests $1.52 Million in Core & Main, Inc. $CNM

Key Points

• UniSuper Management Pty Ltd has acquired a new stake in Core & Main, purchasing 31,508 shares valued at approximately $1,522,000.
• Institutional investors hold 94.19% of Core & Main's stock, with several large investors significantly increasing their positions in the company during the first quarter.
• Analysts have lowered their price targets for Core & Main, with the average consensus price at $59.90 and a rating of "Moderate Buy."

UniSuper Management Pty Ltd acquired a new position in Core & Main, Inc. (NYSE:CNM - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 31,508 shares of the company's stock, valued at approximately $1,522,000.

A number of other large investors have also recently made changes to their positions in CNM. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Core & Main by 3.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after purchasing an additional 229 shares during the period. Truist Financial Corp lifted its stake in shares of Core & Main by 21.2% in the 1st quarter. Truist Financial Corp now owns 705,339 shares of the company's stock valued at $34,075,000 after purchasing an additional 123,494 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Core & Main by 6.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 159,896 shares of the company's stock valued at $7,725,000 after purchasing an additional 9,473 shares during the period. Perpetual Ltd lifted its stake in shares of Core & Main by 12.4% in the 1st quarter. Perpetual Ltd now owns 223,671 shares of the company's stock valued at $10,806,000 after purchasing an additional 24,610 shares during the period. Finally, New York State Teachers Retirement System lifted its stake in shares of Core & Main by 53.7% in the 1st quarter. New York State Teachers Retirement System now owns 86,679 shares of the company's stock valued at $4,187,000 after purchasing an additional 30,286 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CNM has been the subject of a number of research analyst reports. Citigroup lowered their target price on Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, September 10th. Truist Financial decreased their price target on Core & Main from $56.00 to $50.00 and set a "hold" rating for the company in a research note on Thursday, September 11th. JPMorgan Chase & Co. decreased their price target on Core & Main from $64.00 to $54.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Barclays decreased their price target on Core & Main from $69.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, September 10th. Finally, The Goldman Sachs Group reduced their price objective on Core & Main from $68.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday. Six equities research 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 stock currently has an average rating of "Moderate Buy" and an average target price of $59.60.

Core & Main Stock Performance

NYSE:CNM traded down $0.23 during mid-day trading on Tuesday, hitting $49.53. 3,956,259 shares of the company traded hands, compared to its average volume of 3,197,293. The stock's fifty day moving average price is $62.35 and its 200-day moving average price is $56.03. Core & Main, Inc. has a one year low of $41.60 and a one year high of $67.18. The company has a quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14. The firm has a market cap of $9.76 billion, a price-to-earnings ratio of 22.11, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last released 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 business had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.12 billion. During the same quarter in the previous year, the company posted $0.61 earnings per share. Core & Main's revenue for the quarter was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. Research analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Core & Main

In other news, CEO Mark R. Witkowski sold 100,000 shares of the company's stock in a transaction dated Monday, August 18th. The stock was 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 owned 35,847 shares of the company's stock, valued at $2,297,075.76. This represents a 73.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Orvin T. Kimbrough sold 23,962 shares of the company's stock in a transaction dated 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 completion of the transaction, the director directly owned 13,958 shares of the company's stock, valued at approximately $862,185.66. This trade represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 422,956 shares of company stock valued at $26,343,241 in the last ninety days. 3.53% of the stock is currently owned by company 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.