Core & Main (CNM)

• Market cap: $9.69B
• 1 day: -2.77%
• 5 days: -6.27%
• 1 month: -10.26%
• 3 months: 14.36%
• 6 months: -1.03%
• Year to date: -0.70%
• 1 year: 14.18%
• 5 years: 115.06%
• 10 years: 115.06%
• Sector: Industrials
• Industry: Durable Goods, Not Elsewhere Classified

About: Core & Main Inc is a specialty distributor focusing on water, wastewater, storm drainage, and fire protection products and services. Catering to municipalities, private water companies, and contractors, it serves municipal, non-residential, and residential markets nationwide. Its diverse product line includes pipes, valves, fittings, storm drainage products, fire protection products, and meter products. Revenue is primarily generated from pipes, valves, and fittings. The company operates across three construction sectors: municipal, non-residential, and residential, contributing to reliable infrastructure development nationwide.

Employees: 5,000

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

46% more call options, than puts

Call options by funds: $29.5M | Put options by funds: $20.2M

45% more first-time investments, than exits

New positions opened: 81 | Existing positions closed: 56

29% more funds holding in top 10

Funds holding in top 10: 7 [Q3] → 9 (+2) [Q4]

14% more capital invested

Capital invested by funds: $8.91B [Q3] → $10.2B (+$1.24B) [Q4]

5% more funds holding

Funds holding: 381 [Q3] → 400 (+19) [Q4]

8% more repeat investments, than reductions

Existing positions increased: 141 | Existing positions reduced: 130

0.79% more ownership

Funds ownership: 104.21% [Q3] → 105.01% (+0.79%) [Q4]

Research analyst outlook

8 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $56 10% upside
• Avg. target: $61 20% upside
• High target: $66 29% upside

8 analyst ratings

• positive: 5 63%
• neutral: 3 38%
• negative: 0 0%

Wells Fargo Sam Reid 28% 1-year accuracy 8 / 29 met price target	28% upside $65	Overweight Maintained	4 Feb 2025
Citigroup Anthony Pettinari 44% 1-year accuracy 22 / 50 met price target	10% upside $56	Neutral Maintained	6 Jan 2025
Goldman Sachs Joe Ritchie 55% 1-year accuracy 16 / 29 met price target	12% upside $57	Neutral Maintained	5 Dec 2024
RBC Capital Mike Dahl 52% 1-year accuracy 28 / 54 met price target	22% upside $62	Outperform Reiterated	4 Dec 2024
Truist Securities Keith Hughes 53% 1-year accuracy 26 / 49 met price target	10% upside $56	Hold Maintained	4 Dec 2024