Voya Investment Management LLC Boosts Stake in Core & Main, Inc. $CNM

Key Points

• Voya Investment Management LLC increased its position in Core & Main, Inc. (NYSE:CNM) by 21.3% during the 1st quarter, owning approximately 0.14% of the company, valued at $13,019,000.
• Multiple institutional investors have adjusted their positions in Core & Main, resulting in 94.19% of the stock being owned by hedge funds and other institutional investors.
• Core & Main reported $0.87 earnings per share for the most recent quarter, beating expectations, with revenue of $2.09 billion, despite falling short of analyst estimates.

Voya Investment Management LLC increased its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 21.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 269,493 shares of the company's stock after purchasing an additional 47,398 shares during the period. Voya Investment Management LLC owned 0.14% of Core & Main worth $13,019,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Parallel Advisors LLC grew its holdings in shares of Core & Main by 447.1% during the first quarter. Parallel Advisors LLC now owns 651 shares of the company's stock worth $31,000 after buying an additional 532 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after acquiring an additional 524 shares in the last quarter. Rossby Financial LCC acquired a new stake in Core & Main in the first quarter valued at approximately $37,000. CWM LLC raised its holdings 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 purchasing an additional 213 shares in the last quarter. Finally, Versant Capital Management Inc raised its holdings 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 purchasing an additional 1,089 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CNM shares. Loop Capital reiterated a "hold" rating and issued a $68.00 price objective on shares of Core & Main in a research report on Monday, July 28th. Royal Bank Of Canada decreased their target price on Core & Main from $67.00 to $62.00 and set an "outperform" rating for the company in a report on Wednesday, September 10th. The Goldman Sachs Group cut their target price on Core & Main from $68.00 to $60.00 and set a "neutral" rating on the stock in a research report on Friday, September 12th. Truist Financial dropped their price target on Core & Main from $56.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, September 11th. Finally, 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. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $59.60.

Insider Activity

In other Core & Main news, CFO Robyn L. Bradbury sold 25,000 shares of Core & Main stock in a transaction dated 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 transaction, the chief financial officer directly owned 8,555 shares of the company's stock, valued at approximately $517,491.95. The trade was a 74.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James G. Castellano sold 43,994 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $61.98, for a total value of $2,726,748.12. Following the completion of the sale, the director directly owned 4,638 shares of the company's stock, valued at $287,463.24. The trade was a 90.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 422,956 shares of company stock worth $26,343,241. 3.53% of the stock is currently owned by insiders.

Core & Main Price Performance

CNM stock traded up $0.56 during trading on Friday, hitting $50.92. The company had a trading volume of 4,515,425 shares, compared to its average volume of 3,479,657. The company has a current ratio of 2.25, a quick ratio of 1.30 and a debt-to-equity ratio of 1.14. The company has a market cap of $10.04 billion, a P/E ratio of 22.73, a P/E/G ratio of 1.97 and a beta of 1.04. The company has a fifty day moving average price of $61.63 and a two-hundred day moving average price of $56.02. 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 released its quarterly earnings data on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.08. The business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.12 billion. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The firm's revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. Equities research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

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.