Allworth Financial LP Has $1.63 Million Stake in Core & Main, Inc. $CNM

Allworth Financial LP grew its holdings in Core & Main, Inc. (NYSE:CNM) by 176.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 33,752 shares of the company’s stock after buying an additional 21,555 shares during the quarter. Allworth Financial LP’s holdings in Core & Main were worth $1,629,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in shares of Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after buying an additional 269 shares during the period. Cubist Systematic Strategies LLC raised its stake 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 buying an additional 524 shares during the period. Quarry LP bought a new position in Core & Main during the fourth quarter worth about $38,000. Los Angeles Capital Management LLC acquired a new stake in Core & Main during the 4th quarter worth approximately $44,000. Finally, Root Financial Partners LLC lifted its stake in Core & Main by 111.6% in the first quarter. Root Financial Partners LLC now owns 895 shares of the company’s stock valued at $44,000 after buying an additional 472 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Insider Activity at Core & Main

In other Core & Main news, Director James Hope purchased 2,067 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were bought at an average price of $46.01 per share, for a total transaction of $95,102.67. Following the completion of the acquisition, the director owned 11,805 shares in the company, valued at approximately $543,148.05. This trade represents a 21.23% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.51% of the company’s stock.

Key Core & Main News

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CNM. Northcoast Research cut shares of Core & Main from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 26th. Truist Financial decreased their price objective on Core & Main from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Thursday. The Goldman Sachs Group reiterated a “neutral” rating and set a $53.00 price objective on shares of Core & Main in a research report on Thursday. Royal Bank Of Canada dropped their target price on Core & Main from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Wall Street Zen cut shares of Core & Main from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.90.

Core & Main Stock Performance

NYSE:CNM opened at $40.50 on Friday. The stock’s 50-day moving average is $44.48 and its 200-day moving average is $47.83. Core & Main, Inc. has a 1-year low of $40.41 and a 1-year high of $59.66. The company has a current ratio of 2.47, a quick ratio of 1.31 and a debt-to-equity ratio of 1.16. The stock has a market cap of $7.84 billion, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91.

Core & Main (NYSE:CNM) last posted its earnings results on Wednesday, September 9th. The company reported $0.94 earnings per share for the quarter, topping 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 firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.14 billion. During the same period in the previous year, the firm posted $0.87 EPS. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. Equities research analysts anticipate that Core & Main, Inc. will post 3.08 earnings per share for the current year.

About Core & Main

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.