WINTON GROUP Ltd Raises Stock Position in Core & Main, Inc. $CNM

WINTON GROUP Ltd increased its position in shares of Core & Main, Inc. (NYSE:CNM) by 41.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 46,061 shares of the company’s stock after acquiring an additional 13,482 shares during the period. WINTON GROUP Ltd’s holdings in Core & Main were worth $2,222,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. California State Teachers Retirement System grew its position in shares of Core & Main by 4,688.8% during the 2nd quarter. California State Teachers Retirement System now owns 10,532,203 shares of the company’s stock valued at $508,179,000 after purchasing an additional 10,312,269 shares in the last quarter. Norges Bank purchased a new stake in shares of Core & Main in the fourth quarter worth $108,265,000. First Trust Advisors LP raised its position in shares of Core & Main by 38.6% in the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after buying an additional 1,482,235 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Core & Main during the third quarter valued at $67,284,000. Finally, Morgan Stanley grew its position in Core & Main by 8.3% during the fourth quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after buying an additional 1,118,145 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Trading Down 0.9%

Shares of CNM opened at $40.50 on Friday. Core & Main, Inc. has a fifty-two week low of $40.41 and a fifty-two week high of $59.66. The firm has a market cap of $7.84 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 1.41 and a beta of 0.91. The firm has a 50 day moving average price of $44.48 and a 200-day moving average price of $47.83. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.31 and a current ratio of 2.47.

Core & Main (NYSE:CNM) last released its earnings results on Wednesday, September 9th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.91 by $0.03. The company had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.14 billion. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.87 EPS. As a group, equities research analysts forecast that Core & Main, Inc. will post 3.08 earnings per share for the current year.

Core & Main News Summary

Here are the key news stories impacting Core & Main this week:

• Positive Sentiment: Core & Main reported second-quarter adjusted earnings of $0.94 per share, above the $0.91 analyst consensus, while revenue increased 2.5% year over year to approximately $2.15 billion. The results indicate continued profitability and modest sales growth. Core & Main Q2 adjusted earnings beat estimates as revenue rises 2.5%
• Positive Sentiment: Robert W. Baird maintained an “outperform” rating, with its $57 price target still implying substantial potential upside from current levels, despite reducing the target from $66. Baird lowers Core & Main price target
• Neutral Sentiment: Brokerages continue to assign Core & Main a consensus “Moderate Buy” rating, suggesting analysts remain constructive overall, although recent target reductions indicate less confidence in near-term upside. Core & Main receives Moderate Buy consensus
• Negative Sentiment: Shares fell to a two-year low amid investor concerns that organic growth is weakening. The market appears to be questioning whether Core & Main can sustain growth beyond acquisitions and favorable comparisons. Core & Main slides on organic growth concerns
• Negative Sentiment: Analysts lowered their forecasts following the second-quarter report. Truist cut its target to $45 from $50 and kept a “hold” rating, while Baird reduced its target to $57 from $66. The revisions signal that the earnings beat did not fully offset concerns about the company’s outlook. Truist cuts Core & Main price target

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wall Street Zen cut Core & Main from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Wells Fargo & Company decreased their price objective on shares of Core & Main from $65.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday. Truist Financial lowered their target price on shares of Core & Main from $50.00 to $45.00 and set a “hold” rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft set a $55.00 target price on shares of Core & Main in a research report on Thursday. Finally, Robert W. Baird cut their price target on shares of Core & Main from $66.00 to $57.00 and set an “outperform” rating for the company in a research note on Thursday. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Core & Main presently has an average rating of “Moderate Buy” and an average price target of $54.90.

Insider Activity

In related news, Director James Hope acquired 2,067 shares of Core & Main stock in a transaction dated Monday, July 6th. The shares were purchased at an average cost of $46.01 per share, with a total value of $95,102.67. Following the completion of the purchase, the director owned 11,805 shares of the company’s stock, valued at $543,148.05. This represents a 21.23% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.51% of the company’s stock.

Core & Main Company Profile

Core & Main, Inc (NYSE: CNM) is a specialized distributor of water, wastewater, storm drainage and fire protection products in the United States. The company supplies infrastructure materials used in the construction, maintenance and repair of public and private utility systems.

Its product offerings include ductile iron and PVC pipe, valves, hydrants, water meters, storm drainage systems, pipe fittings, fire protection equipment and related products. Core & Main also provides services such as product sourcing, technical support, fabrication, field assistance and inventory management to help customers complete infrastructure projects.

Core & Main serves municipalities, utility contractors, water and wastewater authorities, private water companies, civil and site-development contractors, and other industrial customers through a nationwide distribution network.