Core & Main, Inc. $CNM Shares Sold by Wedge Capital Management L L P NC

Key Points

• Core & Main, Inc. saw a 9.2% reduction in Wedge Capital Management's holdings, selling 18,591 shares, which represented about 0.09% of the company's total shares held.
• Analysts have recently adjusted their price targets for Core & Main, with Wells Fargo lowering its target from $70 to $58, and a consensus average target price now at $59.60.
• In significant insider trading, CEO Mark R. Witkowski sold 100,000 shares at an average price of $64.08, drastically decreasing his ownership by 73.61%.

Wedge Capital Management L L P NC lowered its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 9.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 183,290 shares of the company's stock after selling 18,591 shares during the quarter. Wedge Capital Management L L P NC owned 0.09% of Core & Main worth $11,062,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CNM. Parallel Advisors LLC grew its holdings in Core & Main by 447.1% during the first quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after purchasing an additional 532 shares during the period. Rossby Financial LCC bought a new position in shares of Core & Main in the first quarter worth about $37,000. Cubist Systematic Strategies LLC raised its stake in shares of Core & Main by 262.0% in 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. CWM LLC lifted its stake in shares of Core & Main by 34.0% during the 1st quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after buying an additional 213 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of Core & Main by 1,491.8% during the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock valued at $56,000 after buying an additional 1,089 shares in the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Royal Bank Of Canada reduced their price target on shares of Core & Main from $67.00 to $62.00 and set an "outperform" rating on the stock in a report on Wednesday, September 10th. JPMorgan Chase & Co. reduced their target price on shares of Core & Main from $64.00 to $54.00 and set an "overweight" rating on the stock in a report on Wednesday, September 10th. Barclays dropped 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, September 10th. Loop Capital reaffirmed a "hold" rating and set a $68.00 price target on shares of Core & Main in a research note on Monday, July 28th. Finally, Citigroup dropped their price target on shares of Core & Main from $62.00 to $54.00 and set a "neutral" rating for the company in a research note on Wednesday, September 10th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $59.60.

Insider Transactions at Core & Main

In related news, insider Stephen O. Leclair sold 80,028 shares of the firm's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $62.27, for a total transaction of $4,983,343.56. Following the completion of the sale, the insider directly owned 70,736 shares in the company, valued at approximately $4,404,730.72. This trade represents a 53.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James G. Castellano sold 43,994 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.98, for a total transaction of $2,726,748.12. Following the completion of the sale, the director directly owned 4,638 shares in the company, valued at $287,463.24. This trade represents a 90.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 422,956 shares of company stock valued at $26,343,241. Company insiders own 3.53% of the company's stock.

Core & Main Stock Performance

Shares of NYSE:CNM traded up $0.37 during midday trading on Tuesday, reaching $51.08. The company's stock had a trading volume of 820,985 shares, compared to its average volume of 2,155,450. The firm has a market capitalization of $10.09 billion, a PE ratio of 22.77, a P/E/G ratio of 2.00 and a beta of 1.04. Core & Main, Inc. has a twelve month low of $41.60 and a twelve month high of $67.18. The stock has a fifty day moving average of $61.43 and a 200 day moving average of $56.15. The company has a quick ratio of 1.30, a current ratio of 2.25 and a debt-to-equity ratio of 1.14.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.79 by $0.08. The company had revenue of $2.09 billion for the quarter, compared to analyst estimates of $2.12 billion. Core & Main had a net margin of 5.57% and a return on equity of 25.44%. The firm's revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the business earned $0.61 earnings per share. Core & Main has set its FY 2025 guidance at EPS. On average, equities analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

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.