Artemis Investment Management LLP Lowers Stake in Core & Main, Inc. (NYSE:CNM)

Artemis Investment Management LLP cut its holdings in Core & Main, Inc. (NYSE:CNM) by 54.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,187,379 shares of the company’s stock after selling 1,433,743 shares during the quarter. Artemis Investment Management LLP owned about 0.59% of Core & Main worth $52,720,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Rise Advisors LLC acquired a new position in Core & Main in the 1st quarter valued at about $27,000. ORG Partners LLC acquired a new position in shares of Core & Main in the first quarter valued at approximately $38,000. GAMMA Investing LLC raised its stake in shares of Core & Main by 61.1% during the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after purchasing an additional 511 shares during the last quarter. Brown Brothers Harriman & Co. acquired a new stake in shares of Core & Main during the second quarter worth $76,000. Finally, Quarry LP lifted 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 worth $77,000 after purchasing an additional 888 shares during the period. 94.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CNM shares. Barclays dropped their price target on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. reduced their target price on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 3rd. Bank of America lowered their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Robert W. Baird decreased their price target on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Finally, The Goldman Sachs Group lowered their price objective on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.55.

Insiders Place Their Bets

In other news, Director James G. Castellano sold 12,500 shares of the business’s 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 completion of the transaction, the director now owns 11,769 shares of the company’s stock, valued at approximately $614,577.18. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.49% of the company’s stock.

Core & Main Stock Up 0.8 %

Core & Main stock opened at $42.71 on Wednesday. Core & Main, Inc. has a fifty-two week low of $29.13 and a fifty-two week high of $62.15. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The firm has a market cap of $8.60 billion, a price-to-earnings ratio of 19.96, a P/E/G ratio of 2.87 and a beta of 1.02. The firm has a fifty day moving average price of $46.02 and a two-hundred day moving average price of $51.53.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 EPS 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 company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same period in the prior year, the company earned $0.66 EPS. The firm’s revenue was up 5.5% compared to the same quarter last year. As a group, 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 repurchase program on Wednesday, June 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.