Bank of New York Mellon Corp Has $69.20 Million Stock Position 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, HoldingsChannel reports. The firm owned 1,146,637 shares of the company’s stock after selling 61,212 shares during the period. Bank of New York Mellon Corp’s holdings in Core & Main were worth $69,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Core & Main Price Performance

CNM stock opened at $50.88 on Monday. The stock has a market cap of $10.05 billion, a price-to-earnings ratio of 22.71, a P/E/G ratio of 1.99 and a beta of 0.98. The company has a debt-to-equity ratio of 1.14, a current ratio of 2.25 and a quick ratio of 1.30. The company has a 50 day simple moving average of $53.24 and a 200 day simple moving average of $57.13. Core & Main, Inc. has a 1 year low of $41.64 and a 1 year high of $67.18.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, September 9th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.08. The company 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%.Core & Main’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.61 EPS. Core & Main has set its FY 2025 guidance at EPS. Research analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Insider Activity

In related news, CEO Mark R. Witkowski sold 100,000 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $64.08, for a total transaction of $6,408,000.00. Following the sale, the chief executive officer owned 35,847 shares in the company, valued at $2,297,075.76. This represents a 73.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group dropped their price target on shares of Core & Main from $68.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, September 12th. Truist Financial lowered their price objective on Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a research note on Thursday, September 11th. Zacks Research downgraded Core & Main from a “hold” rating to a “strong sell” rating in a research report on Monday, September 29th. JPMorgan Chase & Co. increased their target price on Core & Main from $54.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Finally, Loop Capital restated a “hold” rating and issued a $68.00 price target on shares of Core & Main in a research report on Monday, July 28th. Seven 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $60.64.

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.