Kapitalo Investimentos Ltda Cuts Stock Position in Core & Main, Inc. (NYSE:CNM)

Kapitalo Investimentos Ltda cut its holdings in Core & Main, Inc. (NYSE:CNM) by 38.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,336 shares of the company’s stock after selling 5,806 shares during the quarter. Kapitalo Investimentos Ltda’s holdings in Core & Main were worth $377,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CNM. Amalgamated Bank boosted its stake in shares of Core & Main by 58.2% in the third quarter. Amalgamated Bank now owns 19,538 shares of the company’s stock worth $564,000 after acquiring an additional 7,191 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Core & Main by 68.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,062,024 shares of the company’s stock worth $30,639,000 after buying an additional 433,386 shares during the last quarter. HighTower Advisors LLC acquired a new position in Core & Main during the third quarter worth $1,090,000. State Board of Administration of Florida Retirement System boosted its stake in Core & Main by 8.9% during the third quarter. State Board of Administration of Florida Retirement System now owns 26,450 shares of the company’s stock worth $763,000 after buying an additional 2,170 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new position in Core & Main during the third quarter worth $28,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CNM. The Goldman Sachs Group boosted their price objective on Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. JPMorgan Chase & Co. boosted their price objective on Core & Main from $38.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $60.00 price target on shares of Core & Main in a research note on Wednesday, June 5th. Loop Capital upped their price target on Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Finally, Barclays upped their price target on Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $52.90.

Core & Main Price Performance

CNM stock opened at $51.74 on Wednesday. The company has a current ratio of 2.14, a quick ratio of 1.23 and a debt-to-equity ratio of 1.46. The company has a market capitalization of $10.42 billion, a PE ratio of 24.18, a P/E/G ratio of 1.80 and a beta of 1.12. Core & Main, Inc. has a 12-month low of $27.75 and a 12-month high of $62.15. The business’s fifty day moving average price is $56.14 and its 200 day moving average price is $48.92.

Core & Main (NYSE:CNM) last issued its quarterly earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.02). Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter last year, the company earned $0.50 EPS. Core & Main’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Core & Main, Inc. will post 2.47 EPS for the current year.

Insiders Place Their Bets

In other news, CAO John Weldon Stephens sold 15,000 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $57.91, for a total value of $868,650.00. Following the transaction, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $247,912.71. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO John Weldon Stephens sold 15,000 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $57.91, for a total value of $868,650.00. Following the transaction, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $247,912.71. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark R. Witkowski sold 50,000 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $58.51, for a total value of $2,925,500.00. Following the completion of the transaction, the chief financial officer now owns 23,898 shares in the company, valued at approximately $1,398,271.98. The disclosure for this sale can be found here. Insiders have sold a total of 230,000 shares of company stock worth $13,191,217 in the last quarter. 3.49% of the stock is owned by company insiders.

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.