River Road Asset Management LLC Trims Stake in Core & Main, Inc. (NYSE:CNM)

River Road Asset Management LLC reduced its position in shares of Core & Main, Inc. (NYSE:CNMFree Report) by 74.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,703 shares of the company’s stock after selling 408,512 shares during the period. River Road Asset Management LLC’s holdings in Core & Main were worth $5,524,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Core & Main in the third quarter worth $28,000. Harbor Investment Advisory LLC bought a new position in Core & Main in the third quarter valued at $33,000. Money Concepts Capital Corp bought a new position in Core & Main in the fourth quarter valued at $39,000. Kepos Capital LP bought a new position in Core & Main in the third quarter valued at $41,000. Finally, PNC Financial Services Group Inc. bought a new position in Core & Main in the second quarter valued at $43,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Core & Main

In related news, major shareholder Cd&R Investment Associates X, sold 22,907,815 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $40.98, for a total value of $938,762,258.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Core & Main news, VP John Weldon Stephens sold 1,100 shares of Core & Main stock in a transaction on Monday, March 4th. The shares were sold at an average price of $50.02, for a total value of $55,022.00. Following the sale, the vice president now directly owns 3,468 shares in the company, valued at approximately $173,469.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Cd&R Investment Associates X, sold 22,907,815 shares of Core & Main stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $40.98, for a total transaction of $938,762,258.70. The disclosure for this sale can be found here. Insiders sold 23,363,315 shares of company stock valued at $960,746,759 over the last 90 days. Corporate insiders own 3.49% of the company’s stock.

Core & Main Price Performance

Shares of NYSE CNM opened at $54.74 on Thursday. Core & Main, Inc. has a fifty-two week low of $24.54 and a fifty-two week high of $60.83. The company has a 50 day simple moving average of $51.50 and a two-hundred day simple moving average of $41.44. The company has a market capitalization of $11.02 billion, a price-to-earnings ratio of 25.46, a P/E/G ratio of 1.71 and a beta of 1.15. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.30 and a current ratio of 2.29.

Core & Main (NYSE:CNMGet Free Report) last announced its earnings results on Tuesday, March 19th. The company reported $0.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.34. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. Core & Main had a net margin of 5.54% and a return on equity of 18.22%. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 earnings per share. Analysts expect that Core & Main, Inc. will post 2.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Citigroup lowered shares of Core & Main from a “buy” rating to a “neutral” rating and upped their price target for the company from $63.00 to $64.00 in a research report on Friday, April 5th. The Goldman Sachs Group upped their price target on shares of Core & Main from $42.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, March 26th. Royal Bank of Canada upped their price target on shares of Core & Main from $59.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. Truist Financial reiterated a “hold” rating and set a $38.00 target price on shares of Core & Main in a report on Wednesday, March 20th. Finally, Loop Capital increased their target price on shares of Core & Main from $58.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Check Out Our Latest Report on CNM

Core & Main Profile

(Free Report)

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.

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Institutional Ownership by Quarter for Core & Main (NYSE:CNM)

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