Bank of Montreal Can Sells 11,157 Shares of Core & Main, Inc. (NYSE:CNM)

Bank of Montreal Can trimmed its position in shares of Core & Main, Inc. (NYSE:CNM) by 32.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,501 shares of the company’s stock after selling 11,157 shares during the quarter. Bank of Montreal Can’s holdings in Core & Main were worth $1,168,000 at the end of the most recent reporting period.

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

Core & Main Trading Up 1.2 %

Shares of NYSE:CNM opened at $43.03 on Friday. The company has a 50-day simple moving average of $46.44 and a 200 day simple moving average of $51.79. The company has a market capitalization of $8.67 billion, a P/E ratio of 20.11, a price-to-earnings-growth ratio of 2.87 and a beta of 1.02. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.34 and a current ratio of 2.29. Core & Main, Inc. has a 52-week low of $29.13 and a 52-week high of $62.15.

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

Core & Main declared that its board has approved a stock buyback plan on Wednesday, June 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of the sale, the director now directly owns 11,769 shares in the company, valued at $614,577.18. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.49% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CNM. Barclays reduced their target price on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, September 5th. The Goldman Sachs Group dropped their target price on Core & Main from $57.00 to $50.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. JPMorgan Chase & Co. reduced their price target on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Bank of America lowered their price objective on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Thursday, September 5th. Finally, Truist Financial reduced their target price on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $49.55.

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.