Wellington Management Group LLP Trims Stock Position in Core & Main, Inc. $CNM

Key Points

• Wellington Management Group LLP sold 39,895 shares of Core & Main, reducing its holdings by 17.4%, leaving them with 189,659 shares valued at approximately $9.16 million.
• Core & Main's CEO Mark R. Witkowski significantly decreased his position by selling 100,000 shares, resulting in a 73.61% reduction, while the company reported a quarterly revenue increase of 9.8% compared to the previous year.
• Brokerages have raised their target prices for Core & Main, with the Royal Bank of Canada increasing its price target from $60.00 to $67.00, reflecting a bullish outlook as six analysts rate it a Buy.

Wellington Management Group LLP lowered its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 17.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 189,659 shares of the company's stock after selling 39,895 shares during the quarter. Wellington Management Group LLP owned 0.10% of Core & Main worth $9,162,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC lifted its position 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 last quarter. Rossby Financial LCC bought a new position in Core & Main during the first quarter valued at $37,000. CWM LLC lifted its position in Core & Main by 34.0% during the first quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after purchasing an additional 213 shares during the last quarter. Versant Capital Management Inc lifted its position 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 valued at $56,000 after purchasing an additional 1,089 shares during the last quarter. Finally, Summit Securities Group LLC bought a new position in Core & Main during the first quarter valued at $72,000. Institutional investors own 94.19% of the company's stock.

Core & Main Stock Down 0.7%

NYSE CNM traded down $0.47 during trading on Friday, reaching $64.70. 2,766,907 shares of the company's stock traded hands, compared to its average volume of 1,528,546. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.96 and a quick ratio of 1.10. The firm has a market cap of $12.75 billion, a price-to-earnings ratio of 30.09, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04. The company's 50 day simple moving average is $63.14 and its two-hundred day simple moving average is $55.59. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $66.27.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52. The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.84 billion. Core & Main had a net margin of 5.47% and a return on equity of 23.55%. Core & Main's revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.49 EPS. Core & Main has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Core & Main

In other Core & Main news, CEO Mark R. Witkowski sold 100,000 shares of the company's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the completion of the transaction, the chief executive officer directly owned 35,847 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, CFO Robyn L. Bradbury sold 5,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $64.51, for a total transaction of $322,550.00. Following the sale, the chief financial officer directly owned 8,555 shares of the company's stock, valued at $551,883.05. The trade was a 36.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 518,651 shares of company stock worth $31,915,085. Corporate insiders own 3.53% of the company's stock.

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.