Bank of New York Mellon Corp Sells 204,540 Shares of Core & Main, Inc. (NYSE:CNM)

Bank of New York Mellon Corp trimmed its holdings in Core & Main, Inc. (NYSE:CNM) by 14.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,231,616 shares of the company’s stock after selling 204,540 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.62% of Core & Main worth $62,702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CNM. Mirae Asset Global Investments Co. Ltd. bought a new position in Core & Main in the 3rd quarter worth approximately $93,000. State of Alaska Department of Revenue boosted its position in shares of Core & Main by 21.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 22,405 shares of the company’s stock valued at $994,000 after acquiring an additional 3,900 shares during the last quarter. New York State Teachers Retirement System boosted its position in shares of Core & Main by 3.8% during the 3rd quarter. New York State Teachers Retirement System now owns 89,978 shares of the company’s stock valued at $3,995,000 after acquiring an additional 3,318 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Core & Main by 92.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 17,761 shares of the company’s stock valued at $789,000 after acquiring an additional 8,547 shares during the last quarter. Finally, Impax Asset Management Group plc boosted its position in shares of Core & Main by 373.0% during the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after acquiring an additional 1,588,117 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Loop Capital increased their target price on Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Robert W. Baird increased their target price on Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Truist Financial increased their target price on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Citigroup increased their target price on Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Finally, Barclays increased their price target on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Core & Main has a consensus rating of “Moderate Buy” and a consensus target price of $57.60.

Core & Main Stock Performance

CNM stock opened at $47.50 on Wednesday. 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 business’s fifty day simple moving average is $53.25 and its two-hundred day simple moving average is $48.72. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $62.15. The firm has a market cap of $9.44 billion, a price-to-earnings ratio of 22.30, a PEG ratio of 2.61 and a beta of 1.03.

Core & Main (NYSE:CNM) last released its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter last year, the firm posted $0.65 earnings per share. The business’s revenue was up 11.5% compared to the same quarter last year. Analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Insiders Place Their Bets

In other Core & Main news, General Counsel Mark G. Whittenburg sold 50,000 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $50.49, for a total value of $2,524,500.00. Following the sale, the general counsel now owns 7,667 shares in the company, valued at $387,106.83. This trade represents a 86.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Bradford A. Cowles sold 25,000 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $54.48, for a total value of $1,362,000.00. Following the transaction, the president now owns 16,010 shares in the company, valued at approximately $872,224.80. This represents a 60.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 162,426 shares of company stock worth $8,359,825 over the last quarter. Company insiders own 3.49% of the company’s stock.

About Core & Main

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.