Thematics Asset Management Sells 70,000 Shares of Core & Main, Inc. $CNM

Thematics Asset Management cut its stake in Core & Main, Inc. (NYSE:CNM) by 15.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 389,000 shares of the company’s stock after selling 70,000 shares during the period. Thematics Asset Management’s holdings in Core & Main were worth $18,793,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CNM. Fiduciary Management Inc. WI lifted its stake in Core & Main by 0.3% in the first quarter. Fiduciary Management Inc. WI now owns 2,841,734 shares of the company’s stock valued at $137,284,000 after buying an additional 8,052 shares during the period. Dimensional Fund Advisors LP lifted its stake in Core & Main by 12.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,232,542 shares of the company’s stock valued at $107,857,000 after buying an additional 244,500 shares during the period. Artemis Investment Management LLP lifted its stake in Core & Main by 109.6% in the first quarter. Artemis Investment Management LLP now owns 1,791,935 shares of the company’s stock valued at $86,568,000 after buying an additional 936,863 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Core & Main by 6.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,781,525 shares of the company’s stock valued at $86,065,000 after buying an additional 114,760 shares during the period. Finally, Northern Trust Corp lifted its stake in Core & Main by 15.3% in the fourth quarter. Northern Trust Corp now owns 1,758,965 shares of the company’s stock valued at $89,549,000 after buying an additional 233,979 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Core & Main

In related news, Director Orvin T. Kimbrough sold 23,962 shares of the company’s stock in a transaction on Friday, July 18th. The stock was sold at an average price of $61.77, for a total transaction of $1,480,132.74. Following the completion of the sale, the director owned 13,958 shares in the company, valued at approximately $862,185.66. This represents a 63.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 owned 35,847 shares of the company’s stock, valued at $2,297,075.76. This trade represents a 73.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 528,445 shares of company stock valued at $32,453,755 in the last three months. Insiders own 3.53% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CNM. Royal Bank Of Canada boosted their price target on Core & Main from $60.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, June 10th. Wells Fargo & Company boosted their price target on Core & Main from $65.00 to $70.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Citigroup boosted their price target on Core & Main from $56.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, June 10th. Loop Capital reissued a “hold” rating and issued a $68.00 price target on shares of Core & Main in a research note on Monday, July 28th. Finally, JPMorgan Chase & Co. upped their target price on Core & Main from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 27th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Core & Main presently has a consensus rating of “Hold” and an average target price of $60.00.

Core & Main Price Performance

Shares of NYSE:CNM opened at $65.4190 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 1.23. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $66.27. The stock’s 50 day moving average is $62.26 and its 200-day moving average is $55.24. The firm has a market capitalization of $12.90 billion, a price-to-earnings ratio of 30.43, a PEG ratio of 1.93 and a beta of 1.04.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%.The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the firm earned $0.49 earnings per share. Core & Main’s revenue for the quarter was up 9.8% on a year-over-year basis. Core & Main has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

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.