WINTON GROUP Ltd boosted its position in Core & Main, Inc. (NYSE:CNM – Free Report) by 41.4% during the second quarter, Holdings Channel.com reports. The fund 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 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Squarepoint Ops LLC grew its stake in shares of Core & Main by 109.4% in the second quarter. Squarepoint Ops LLC now owns 215,273 shares of the company’s stock worth $10,387,000 after purchasing an additional 112,444 shares during the last quarter. Allworth Financial LP lifted its holdings in Core & Main by 176.7% in the 2nd quarter. Allworth Financial LP now owns 33,752 shares of the company’s stock worth $1,629,000 after buying an additional 21,555 shares during the period. Nykredit A S purchased a new stake in Core & Main in the 2nd quarter worth approximately $231,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Core & Main in the 2nd quarter worth approximately $4,461,000. Finally, California State Teachers Retirement System increased its stake in shares of Core & Main by 4,688.8% during the second quarter. California State Teachers Retirement System now owns 10,532,203 shares of the company’s stock valued at $508,179,000 after buying an additional 10,312,269 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.
Insiders Place Their Bets
In related news, Director James Hope acquired 2,067 shares of Core & Main stock in a transaction that occurred on Monday, July 6th. The stock was bought at an average price of $46.01 per share, with a total value of $95,102.67. Following the transaction, the director directly owned 11,805 shares in the company, valued at approximately $543,148.05. This represents a 21.23% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.51% of the stock is currently owned by company insiders.
Core & Main Price Performance
Core & Main (NYSE:CNM – Get Free Report) last announced its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. Core & Main had a net margin of 5.96% and a return on equity of 25.98%. The business had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.14 billion. During the same quarter last year, the firm earned $0.87 earnings per share. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts anticipate that Core & Main, Inc. will post 3.08 earnings per share for the current fiscal year.
Core & Main News Roundup
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
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on the company. Barclays decreased their target price on Core & Main from $62.00 to $61.00 and set an “overweight” rating for the company in a report on Thursday. Citigroup reduced their price objective on shares of Core & Main from $53.00 to $46.00 and set a “neutral” rating on the stock in a research report on Friday. William Blair started coverage on shares of Core & Main in a report on Thursday, July 23rd. They issued a “market perform” rating for the company. Wells Fargo & Company dropped their target price on shares of Core & Main from $65.00 to $48.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Robert W. Baird cut their target price on shares of Core & Main from $66.00 to $57.00 and set an “outperform” rating on the stock in a research note on Thursday. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $54.90.
View Our Latest Research Report on Core & Main
Core & Main 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.
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