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

Vanguard Group Inc. boosted its stake in Core & Main, Inc. (NYSE:CNM) by 41.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,417,484 shares of the company’s stock after purchasing an additional 3,926,588 shares during the quarter. Vanguard Group Inc. owned about 6.21% of Core & Main worth $542,201,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Quadrant Capital Group LLC grew its holdings in Core & Main by 74.5% in the fourth quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after purchasing an additional 365 shares during the period. Quarry LP grew its holdings in Core & Main by 87.0% in the fourth quarter. Quarry LP now owns 1,909 shares of the company’s stock valued at $77,000 after purchasing an additional 888 shares during the period. GAMMA Investing LLC purchased a new stake in Core & Main in the fourth quarter valued at approximately $41,000. National Bank of Canada FI grew its holdings in Core & Main by 8.3% in the fourth quarter. National Bank of Canada FI now owns 13,000 shares of the company’s stock valued at $515,000 after purchasing an additional 999 shares during the period. Finally, Fifth Third Bancorp grew its holdings in Core & Main by 10.8% in the fourth quarter. Fifth Third Bancorp now owns 10,301 shares of the company’s stock valued at $416,000 after purchasing an additional 1,001 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CNM shares. Royal Bank of Canada restated an “outperform” rating and issued a $60.00 target price on shares of Core & Main in a report on Wednesday, June 5th. Barclays boosted their price objective on shares of Core & Main from $49.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group boosted their price objective on shares of Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Truist Financial decreased their price objective on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a research note on Wednesday, June 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Core & Main from $38.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.90.

Insider Activity at Core & Main

In related news, CFO Mark R. Witkowski sold 50,000 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $58.51, for a total value of $2,925,500.00. Following the sale, the chief financial officer now directly owns 23,898 shares of the company’s stock, valued at $1,398,271.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Mark R. Witkowski sold 50,000 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $58.51, for a total value of $2,925,500.00. Following the sale, the chief financial officer now directly owns 23,898 shares of the company’s stock, valued at $1,398,271.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO John Weldon Stephens sold 5,503 shares of the company’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $54.23, for a total transaction of $298,427.69. Following the completion of the sale, the chief accounting officer now directly owns 4,281 shares in the company, valued at $232,158.63. The disclosure for this sale can be found here. Insiders have sold 165,000 shares of company stock valued at $9,427,067 over the last ninety days. Corporate insiders own 3.49% of the company’s stock.

Core & Main Price Performance

Shares of CNM stock opened at $50.45 on Tuesday. The company has a market capitalization of $10.16 billion, a PE ratio of 23.57, a price-to-earnings-growth ratio of 1.82 and a beta of 1.12. The firm has a fifty day simple moving average of $55.61 and a 200-day simple moving average of $49.45. The company has a current ratio of 2.14, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. Core & Main, Inc. has a twelve month low of $27.75 and a twelve month high of $62.15.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.02). The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.72 billion. Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.50 earnings per share. Equities research analysts anticipate that Core & Main, Inc. will post 2.47 earnings per share for the current fiscal year.

Core & Main Profile

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.