Stifel Financial Corp Trims Stock Position in Core & Main, Inc. (NYSE:CNM)

Stifel Financial Corp trimmed its holdings in Core & Main, Inc. (NYSE:CNM) by 13.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,849 shares of the company’s stock after selling 1,176 shares during the quarter. Stifel Financial Corp’s holdings in Core & Main were worth $348,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Rhumbline Advisers grew its stake in shares of Core & Main by 6.2% during the 2nd quarter. Rhumbline Advisers now owns 508,554 shares of the company’s stock worth $24,889,000 after purchasing an additional 29,490 shares during the period. Eagle Asset Management Inc. grew its position in Core & Main by 2.6% during the third quarter. Eagle Asset Management Inc. now owns 1,720,496 shares of the company’s stock valued at $74,979,000 after buying an additional 44,282 shares during the period. Quest Partners LLC increased its holdings in Core & Main by 1,195,600.0% in the third quarter. Quest Partners LLC now owns 11,957 shares of the company’s stock valued at $531,000 after buying an additional 11,956 shares in the last quarter. South Street Advisors LLC acquired a new position in shares of Core & Main in the second quarter worth about $8,427,000. Finally, Douglass Winthrop Advisors LLC boosted its stake in shares of Core & Main by 23.3% during the 3rd quarter. Douglass Winthrop Advisors LLC now owns 70,272 shares of the company’s stock worth $3,120,000 after acquiring an additional 13,263 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Core & Main news, President Bradford A. Cowles sold 50,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the completion of the sale, the president now owns 18,423 shares of the company’s stock, valued at $1,014,554.61. This trade represents a 73.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Margaret Newman sold 15,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.25, for a total value of $828,750.00. Following the completion of the transaction, the director now directly owns 11,769 shares in the company, valued at approximately $650,237.25. This trade represents a 56.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 290,000 shares of company stock valued at $15,926,000. 3.49% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Robert W. Baird lifted their price target on Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada restated an “outperform” rating and issued a $62.00 price objective (up from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. Wells Fargo & Company upped their target price on Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. The Goldman Sachs Group lifted their price target on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Finally, Loop Capital boosted their price target on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.10.

Core & Main Price Performance

Shares of NYSE CNM opened at $51.03 on Friday. The firm has a 50-day simple moving average of $47.87 and a 200-day simple moving average of $47.76. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $10.14 billion, a price-to-earnings ratio of 23.96, a price-to-earnings-growth ratio of 2.95 and a beta of 1.04. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $62.15.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The company had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. On average, equities analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Core & Main 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.