Ethic Inc. Grows Stock Position in Core & Main, Inc. $CNM

Ethic Inc. increased its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 28.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,685 shares of the company’s stock after buying an additional 5,474 shares during the quarter. Ethic Inc.’s holdings in Core & Main were worth $1,490,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Syntegra Private Wealth Group LLC purchased a new position in Core & Main during the second quarter worth about $252,000. DekaBank Deutsche Girozentrale lifted its position in Core & Main by 89.0% during the second quarter. DekaBank Deutsche Girozentrale now owns 27,276 shares of the company’s stock worth $1,702,000 after buying an additional 12,847 shares during the period. Nordea Investment Management AB lifted its position in Core & Main by 0.3% during the second quarter. Nordea Investment Management AB now owns 154,797 shares of the company’s stock worth $9,275,000 after buying an additional 516 shares during the period. Bridges Investment Management Inc. purchased a new position in Core & Main during the second quarter worth about $212,000. Finally, Montrusco Bolton Investments Inc. purchased a new position in Core & Main during the second quarter worth about $9,849,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CNM shares. The Goldman Sachs Group reduced their target price on Core & Main from $68.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, September 12th. Royal Bank Of Canada dropped their price target on Core & Main from $67.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, September 10th. Wells Fargo & Company upped their price target on Core & Main from $58.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 1st. Barclays lowered their target price on Core & Main from $69.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, September 10th. Finally, Citigroup lowered their target price on Core & Main from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Wednesday, September 10th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Core & Main currently has an average rating of “Moderate Buy” and an average target price of $60.64.

Insider Activity

In related news, CEO Mark R. Witkowski sold 100,000 shares of the firm’s stock in a transaction that occurred 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 approximately $2,297,075.76. This trade represents a 73.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.53% of the company’s stock.

Core & Main Trading Up 0.3%

Shares of CNM opened at $54.65 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.30 and a current ratio of 2.25. The stock has a 50-day moving average price of $55.79 and a 200 day moving average price of $56.82. Core & Main, Inc. has a one year low of $41.64 and a one year high of $67.18. 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 released its earnings results on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The company had revenue of $2.09 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same quarter last year, the business posted $0.61 EPS. Core & Main’s quarterly revenue was up 6.6% compared to the same quarter last year. 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.