Rhumbline Advisers Cuts Position in Core & Main, Inc. (NYSE:CNM)

Rhumbline Advisers decreased its holdings in Core & Main, Inc. (NYSE:CNM) by 5.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 529,128 shares of the company’s stock after selling 33,116 shares during the period. Rhumbline Advisers owned about 0.27% of Core & Main worth $26,938,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of CNM. Ashton Thomas Securities LLC acquired a new position in shares of Core & Main in the third quarter worth $26,000. Avior Wealth Management LLC grew its stake in shares of Core & Main by 51.3% in the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after acquiring an additional 271 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Core & Main in the third quarter worth $49,000. UMB Bank n.a. grew its stake in shares of Core & Main by 246.0% in the fourth quarter. UMB Bank n.a. now owns 962 shares of the company’s stock worth $49,000 after acquiring an additional 684 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Core & Main by 187.4% in the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $65,000 after acquiring an additional 830 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on CNM shares. Barclays boosted their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Citigroup boosted their target price on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research note on Monday, January 6th. Loop Capital boosted their target price on shares of Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Robert W. Baird boosted their target price on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, The Goldman Sachs Group boosted their target price on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Core & Main has a consensus rating of “Moderate Buy” and an average price target of $57.60.

Insider Buying and Selling

In related news, CEO Stephen O. Leclair sold 200,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the completion of the transaction, the chief executive officer now directly owns 92,349 shares of the company’s stock, valued at $5,068,113.12. This represents a 68.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Bradford A. Cowles sold 25,000 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $54.48, for a total transaction of $1,362,000.00. Following the transaction, the president now owns 16,010 shares in the company, valued at $872,224.80. The trade was a 60.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 452,426 shares of company stock valued at $24,285,825 over the last ninety days. Corporate insiders own 3.49% of the company’s stock.

Core & Main Price Performance

Shares of NYSE:CNM opened at $53.60 on Thursday. The company has a 50-day simple moving average of $53.46 and a 200-day simple moving average of $48.65. Core & Main, Inc. has a one year low of $37.22 and a one year high of $62.15. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The stock has a market capitalization of $10.65 billion, a price-to-earnings ratio of 25.17, a PEG ratio of 2.70 and a beta of 1.03.

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

Core & Main Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.