Driehaus Capital Management LLC Sells 340,531 Shares of Core & Main, Inc. (NYSE:CNM)

Driehaus Capital Management LLC trimmed its position in Core & Main, Inc. (NYSE:CNM) by 27.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 911,428 shares of the company’s stock after selling 340,531 shares during the quarter. Driehaus Capital Management LLC owned about 0.45% of Core & Main worth $44,605,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Rise Advisors LLC bought a new position in Core & Main during the 1st quarter valued at about $27,000. ORG Partners LLC acquired a new stake in Core & Main in the first quarter worth about $38,000. Brown Brothers Harriman & Co. purchased a new position in shares of Core & Main in the second quarter worth $76,000. Quarry LP grew its holdings in shares of Core & Main by 87.0% during the fourth quarter. Quarry LP now owns 1,909 shares of the company’s stock valued at $77,000 after buying an additional 888 shares during the last quarter. Finally, CWM LLC raised its stake in Core & Main by 25.6% in the 2nd quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after acquiring an additional 334 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

CNM has been the subject of several recent research reports. The Goldman Sachs Group reduced their target price on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Royal Bank of Canada lowered their target price on shares of Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research note on Thursday, September 5th. Loop Capital dropped their target price on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, September 5th. JPMorgan Chase & Co. cut their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Finally, Barclays decreased their price objective on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Core & Main has an average rating of “Moderate Buy” and a consensus price target of $49.55.

Core & Main Price Performance

Shares of NYSE:CNM opened at $45.77 on Friday. The business has a 50 day moving average price of $47.30 and a 200 day moving average price of $52.03. The company has a market cap of $9.21 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 2.87 and a beta of 1.04. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. Core & Main, Inc. has a twelve month low of $27.98 and a twelve month high of $62.15.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.13). The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 earnings per share. Research analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Core & Main announced that its board has initiated a share buyback plan on Wednesday, June 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Core & Main news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $52.22, for a total value of $652,750.00. Following the sale, the director now owns 11,769 shares of the company’s stock, valued at approximately $614,577.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.49% of the company’s stock.

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.