Bank of New York Mellon Corp Has $69.20 Million Holdings in Core & Main, Inc. $CNM

Bank of New York Mellon Corp decreased its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 5.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,146,637 shares of the company’s stock after selling 61,212 shares during the quarter. Bank of New York Mellon Corp owned about 0.58% of Core & Main worth $69,200,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CNM. Bfsg LLC boosted its stake in Core & Main by 56.4% in the second quarter. Bfsg LLC now owns 560 shares of the company’s stock valued at $34,000 after acquiring an additional 202 shares during the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock valued at $35,000 after purchasing an additional 524 shares during the period. Hantz Financial Services Inc. boosted its position in shares of Core & Main by 815.7% in the 2nd quarter. Hantz Financial Services Inc. now owns 641 shares of the company’s stock worth $39,000 after purchasing an additional 571 shares during the last quarter. CWM LLC grew its stake in shares of Core & Main by 34.0% during the first quarter. CWM LLC now owns 839 shares of the company’s stock worth $41,000 after purchasing an additional 213 shares during the period. Finally, Steph & Co. acquired a new stake in shares of Core & Main during the second quarter worth $53,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Mark R. Witkowski sold 100,000 shares of Core & Main stock in a transaction that occurred on Monday, August 18th. The shares were 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 trade represents a 73.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Barclays cut their target price on Core & Main from $69.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 10th. Zacks Research cut shares of Core & Main from a “hold” rating to a “strong sell” rating in a report on Monday, September 29th. Loop Capital reiterated a “hold” rating and issued a $68.00 target price on shares of Core & Main in a report on Monday, July 28th. Truist Financial reduced their price target on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a research report on Thursday, September 11th. Finally, UBS Group began coverage on shares of Core & Main in a research report on Monday, September 29th. They issued a “buy” rating and a $65.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.64.

Core & Main Trading Down 0.4%

Shares of NYSE:CNM opened at $50.88 on Monday. The firm has a market cap of $10.05 billion, a price-to-earnings ratio of 22.71, a PEG ratio of 1.99 and a beta of 0.98. Core & Main, Inc. has a 12 month low of $41.64 and a 12 month high of $67.18. The company’s fifty day simple moving average is $53.24 and its 200 day simple moving average is $57.13. 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 (NYSE:CNM) last released its earnings results on Tuesday, September 9th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.08. The firm had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Core & Main had a return on equity of 25.44% and a net margin of 5.57%.The company’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main Company 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.