Wellington Management Group LLP Increases Stock Position in Core & Main, Inc. (NYSE:CNM)

Wellington Management Group LLP lifted its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 486.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 350,547 shares of the company’s stock after acquiring an additional 290,792 shares during the period. Wellington Management Group LLP owned 0.16% of Core & Main worth $14,166,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Core & Main by 14.3% during the third quarter. Vanguard Group Inc. now owns 9,490,896 shares of the company’s stock worth $273,812,000 after acquiring an additional 1,187,700 shares during the last quarter. Handelsbanken Fonder AB grew its position in shares of Core & Main by 180.1% during the fourth quarter. Handelsbanken Fonder AB now owns 2,707,385 shares of the company’s stock worth $109,405,000 after acquiring an additional 1,740,685 shares during the last quarter. First Trust Advisors LP grew its position in shares of Core & Main by 2.8% during the fourth quarter. First Trust Advisors LP now owns 2,403,921 shares of the company’s stock worth $97,142,000 after acquiring an additional 66,575 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Core & Main by 7.4% during the third quarter. Ameriprise Financial Inc. now owns 2,335,056 shares of the company’s stock worth $67,366,000 after purchasing an additional 159,931 shares during the period. Finally, Fiduciary Management Inc. WI lifted its holdings in shares of Core & Main by 11.4% during the fourth quarter. Fiduciary Management Inc. WI now owns 2,302,158 shares of the company’s stock worth $93,030,000 after purchasing an additional 236,488 shares during the period. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group increased their price target on Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. JPMorgan Chase & Co. increased their price target on Core & Main from $38.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Barclays increased their price target on Core & Main from $49.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $60.00 price target on shares of Core & Main in a report on Wednesday, June 5th. Finally, Truist Financial reduced their target price on Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a report on Wednesday, June 5th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.90.

Insider Activity

In other news, CFO Mark R. Witkowski sold 50,000 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $58.51, for a total value of $2,925,500.00. Following the completion of the transaction, the chief financial officer now owns 23,898 shares in the company, valued at $1,398,271.98. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO John Weldon Stephens sold 9,497 shares of Core & Main stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $55.19, for a total transaction of $524,139.43. Following the completion of the sale, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $236,268.39. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark R. Witkowski sold 50,000 shares of Core & Main stock in a transaction dated Monday, April 8th. The stock was 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 owns 23,898 shares of the company’s stock, valued at approximately $1,398,271.98. The disclosure for this sale can be found here. Insiders sold a total of 165,000 shares of company stock worth $9,427,067 over the last 90 days. 3.49% of the stock is currently owned by corporate insiders.

Core & Main Trading Down 1.4 %

Shares of CNM stock opened at $49.01 on Thursday. Core & Main, Inc. has a fifty-two week low of $27.75 and a fifty-two week high of $62.15. The stock has a market cap of $9.87 billion, a P/E ratio of 22.90, a P/E/G ratio of 1.88 and a beta of 1.12. The business has a fifty day simple moving average of $55.38 and a 200-day simple moving average of $49.53. The company has a quick ratio of 1.23, a current ratio of 2.14 and a debt-to-equity ratio of 1.46.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.02). Core & Main had a net margin of 5.53% and a return on equity of 20.01%. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the business earned $0.50 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts forecast that Core & Main, Inc. will post 2.32 earnings per share for the current fiscal year.

Core & Main Company 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.