Samlyn Capital LLC Sells 345,656 Shares of Core & Main, Inc. (NYSE:CNM)

Samlyn Capital LLC reduced its stake in shares of Core & Main, Inc. (NYSE:CNM) by 10.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,084,894 shares of the company’s stock after selling 345,656 shares during the quarter. Core & Main accounts for 2.5% of Samlyn Capital LLC’s holdings, making the stock its 9th biggest holding. Samlyn Capital LLC owned approximately 1.53% of Core & Main worth $150,975,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of CNM. Interval Partners LP raised its position in Core & Main by 7.2% in the second quarter. Interval Partners LP now owns 153,973 shares of the company’s stock valued at $7,535,000 after purchasing an additional 10,396 shares during the last quarter. Xponance Inc. raised its position in shares of Core & Main by 40.1% during the second quarter. Xponance Inc. now owns 28,645 shares of the company’s stock worth $1,402,000 after acquiring an additional 8,206 shares during the last quarter. Anomaly Capital Management LP raised its position in shares of Core & Main by 35.9% during the second quarter. Anomaly Capital Management LP now owns 3,608,523 shares of the company’s stock worth $176,601,000 after acquiring an additional 953,489 shares during the last quarter. Fernbridge Capital Management LP bought a new position in shares of Core & Main during the second quarter worth about $40,447,000. Finally, Forest Avenue Capital Management LP raised its position in shares of Core & Main by 52.2% during the second quarter. Forest Avenue Capital Management LP now owns 948,169 shares of the company’s stock worth $46,403,000 after acquiring an additional 325,269 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CNM has been the subject of several recent analyst reports. Royal Bank of Canada decreased their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Bank of America reduced their price objective on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. reduced their price objective on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. Wells Fargo & Company assumed coverage on Core & Main in a research note on Monday. They issued an “overweight” rating and a $52.00 price objective for the company. Finally, Loop Capital reduced their price objective on Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Core & Main has an average rating of “Moderate Buy” and an average target price of $49.55.

Core & Main Stock Up 1.8 %

CNM stock opened at $44.17 on Tuesday. Core & Main, Inc. has a twelve month low of $27.98 and a twelve month high of $62.15. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. The stock’s 50 day moving average is $47.88 and its 200-day moving average is $52.18. The firm has a market capitalization of $8.90 billion, a PE ratio of 20.64, a P/E/G ratio of 2.52 and a beta of 1.04.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business’s revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 earnings per share. Sell-side analysts expect that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

Core & Main announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction on Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the sale, the director now directly owns 11,769 shares in the company, valued at $614,577.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.49% of the stock is currently owned by corporate insiders.

About Core & Main

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.