Alberta Investment Management Corp Raises Stock Position in Core & Main, Inc. (NYSE:CNM)

Alberta Investment Management Corp increased its position in shares of Core & Main, Inc. (NYSE:CNM) by 107.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,118 shares of the company’s stock after acquiring an additional 19,741 shares during the period. Alberta Investment Management Corp’s holdings in Core & Main were worth $1,941,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. PointState Capital LP bought a new stake in shares of Core & Main during the 3rd quarter valued at about $100,013,000. FMR LLC lifted its position in Core & Main by 28.0% during the third quarter. FMR LLC now owns 8,697,084 shares of the company’s stock valued at $386,151,000 after purchasing an additional 1,903,280 shares during the last quarter. Impax Asset Management Group plc grew its stake in Core & Main by 373.0% in the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock worth $89,416,000 after buying an additional 1,588,117 shares in the last quarter. Spruce House Investment Management LLC increased its holdings in shares of Core & Main by 400.0% in the 3rd quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock worth $66,600,000 after buying an additional 1,200,000 shares during the last quarter. Finally, Zimmer Partners LP raised its position in shares of Core & Main by 535.6% during the 3rd quarter. Zimmer Partners LP now owns 1,303,000 shares of the company’s stock valued at $57,853,000 after buying an additional 1,098,000 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Core & Main news, Director Margaret Newman sold 15,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.25, for a total value of $828,750.00. Following the completion of the transaction, the director now directly owns 11,769 shares in the company, valued at approximately $650,237.25. This represents a 56.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Stephen O. Leclair sold 200,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the sale, the chief executive officer now directly owns 92,349 shares of the company’s stock, valued at approximately $5,068,113.12. This represents a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 452,426 shares of company stock worth $24,285,825. 3.49% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CNM has been the subject of several research reports. Truist Financial upped their target price on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Citigroup upped their target price on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and set a $62.00 price target (up from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. Barclays upped their price objective on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, Loop Capital increased their target price on shares of Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.60.

Core & Main Trading Down 2.8 %

Shares of CNM opened at $50.97 on Friday. The stock has a market capitalization of $10.13 billion, a P/E ratio of 23.93, a PEG ratio of 2.66 and a beta of 1.03. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $62.15. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The firm has a fifty day simple moving average of $53.44 and a two-hundred day simple moving average of $48.70.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same period in the prior year, the business posted $0.65 earnings per share. Core & Main’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, research analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current year.

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.