Core & Main, Inc. $CNM Shares Acquired by Ethic Inc.

Ethic Inc. grew its stake in Core & Main, Inc. (NYSE:CNM) by 28.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,685 shares of the company’s stock after purchasing an additional 5,474 shares during the period. Ethic Inc.’s holdings in Core & Main were worth $1,490,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CNM. Jennison Associates LLC acquired a new position in shares of Core & Main in the first quarter valued at approximately $54,742,000. Nuveen LLC acquired a new position in shares of Core & Main in the first quarter valued at approximately $44,028,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Core & Main in the second quarter valued at approximately $25,461,000. Driehaus Capital Management LLC increased its holdings in shares of Core & Main by 253.6% in the first quarter. Driehaus Capital Management LLC now owns 482,128 shares of the company’s stock valued at $23,292,000 after purchasing an additional 345,763 shares during the period. Finally, Bornite Capital Management LP acquired a new position in Core & Main during the first quarter worth $14,493,000. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Stock Up 0.3%

Shares of NYSE:CNM opened at $54.65 on Friday. 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, Inc. has a 52-week low of $41.64 and a 52-week high of $67.18. The stock’s fifty day simple moving average is $55.79 and its 200-day simple moving average is $56.82. The company has a market capitalization of $10.79 billion, a P/E ratio of 24.40, a P/E/G ratio of 2.14 and a beta of 0.98.

Core & Main (NYSE:CNM) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $2.12 billion. During the same period in the prior year, the business earned $0.61 earnings per share. The business’s revenue was up 6.6% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Mark R. Witkowski sold 100,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer directly owned 35,847 shares in the company, valued at $2,297,075.76. This represents a 73.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CNM. JPMorgan Chase & Co. upped their price objective on Core & Main from $54.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. UBS Group began coverage on Core & Main in a report on Monday, September 29th. They set a “buy” rating and a $65.00 price objective on the stock. Barclays dropped their price objective on Core & Main from $69.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, September 10th. The Goldman Sachs Group dropped their price objective on Core & Main from $68.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, September 12th. Finally, Citigroup dropped their price objective on Core & Main from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, September 10th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.64.

Core & Main 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.