Vanguard Group Inc. Grows Stake in Core & Main, Inc. (NYSE:CNM)

Vanguard Group Inc. increased its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 1.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,219,997 shares of the company’s stock after purchasing an additional 221,970 shares during the quarter. Vanguard Group Inc. owned approximately 0.09% of Core & Main worth $927,580,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CNM. Raymond James Financial Inc. acquired a new stake in Core & Main during the fourth quarter worth approximately $115,555,000. PointState Capital LP purchased a new position in shares of Core & Main in the 3rd quarter valued at $100,013,000. FMR LLC raised its stake in Core & Main by 28.0% during the 3rd quarter. FMR LLC now owns 8,697,084 shares of the company’s stock worth $386,151,000 after acquiring an additional 1,903,280 shares in the last quarter. Impax Asset Management Group plc lifted its position in Core & Main by 70.4% in the fourth quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock valued at $174,661,000 after acquiring an additional 1,416,907 shares during the last quarter. Finally, Spruce House Investment Management LLC boosted its stake in Core & Main by 400.0% in the third quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock valued at $66,600,000 after acquiring an additional 1,200,000 shares in the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CNM shares. Truist Financial boosted their target price on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Royal Bank of Canada reduced their price objective on Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday. Loop Capital increased their price objective on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Barclays lifted their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Finally, Citigroup increased their price target on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and an average target price of $57.30.

Core & Main Stock Performance

NYSE:CNM opened at $48.46 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The firm has a market cap of $9.63 billion, a price-to-earnings ratio of 22.75, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05. The firm’s fifty day moving average price is $51.87 and its 200 day moving average price is $48.81. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $62.15.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm’s revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.34 EPS. On average, sell-side analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Insider Buying and Selling at Core & Main

In related news, President Bradford A. Cowles sold 12,500 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.50, for a total value of $631,250.00. Following the completion of the sale, the president now owns 16,010 shares in the company, valued at $808,505. This trade represents a 43.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Mark G. Whittenburg sold 1,974 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $55.29, for a total transaction of $109,142.46. Following the sale, the general counsel now directly owns 7,667 shares in the company, valued at approximately $423,908.43. This represents a 20.48 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,294 shares of company stock valued at $9,383,685. 3.49% of the stock is owned by corporate insiders.

About Core & Main

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.