Goldman Sachs Group Inc. Reduces Holdings in Core & Main, Inc. (NYSE:CNM)

Goldman Sachs Group Inc. reduced its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 28.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,198,336 shares of the company’s stock after selling 480,600 shares during the period. Goldman Sachs Group Inc. owned approximately 0.55% of Core & Main worth $48,425,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of CNM. Charles Schwab Investment Management Inc. grew its position in Core & Main by 68.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,062,024 shares of the company’s stock worth $30,639,000 after purchasing an additional 433,386 shares during the last quarter. HighTower Advisors LLC purchased a new position in Core & Main during the 3rd quarter worth $1,090,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Core & Main during the 3rd quarter worth $28,000. Deutsche Bank AG grew its position in Core & Main by 6.3% during the 3rd quarter. Deutsche Bank AG now owns 40,707 shares of the company’s stock worth $1,174,000 after purchasing an additional 2,397 shares during the last quarter. Finally, Rhumbline Advisers grew its position in Core & Main by 21.5% during the 3rd quarter. Rhumbline Advisers now owns 118,894 shares of the company’s stock worth $3,430,000 after purchasing an additional 21,047 shares during the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CNM. Citigroup downgraded shares of Core & Main from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $63.00 to $64.00 in a research report on Friday, April 5th. The Goldman Sachs Group raised their target price on shares of Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Barclays raised their target price on shares of Core & Main from $49.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. raised their target price on shares of Core & Main from $38.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Finally, Loop Capital raised their target price on shares of Core & Main from $58.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Core & Main has a consensus rating of “Moderate Buy” and a consensus target price of $52.90.

Core & Main Stock Up 2.3 %

Shares of NYSE CNM opened at $51.72 on Thursday. The company has a quick ratio of 1.23, a current ratio of 2.14 and a debt-to-equity ratio of 1.46. Core & Main, Inc. has a 52 week low of $27.75 and a 52 week high of $62.15. The firm has a 50-day moving average price of $56.03 and a 200 day moving average price of $49.03. The stock has a market capitalization of $10.42 billion, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 1.80 and a beta of 1.12.

Core & Main (NYSE:CNM) last posted its 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 net margin of 5.53% and a return on equity of 20.01%. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter last year, the business posted $0.50 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Core & Main, Inc. will post 2.47 EPS for the current fiscal year.

Insider Transactions at Core & Main

In other news, CAO John Weldon Stephens sold 15,000 shares of Core & Main stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $57.91, for a total transaction of $868,650.00. Following the completion of the sale, the chief accounting officer now directly owns 4,281 shares in the company, valued at $247,912.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Core & Main news, CFO Mark R. Witkowski sold 50,000 shares of Core & Main stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the transaction, the chief financial officer now directly owns 23,898 shares of the company’s stock, valued at $1,421,931. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO John Weldon Stephens sold 15,000 shares of Core & Main stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $57.91, for a total transaction of $868,650.00. Following the transaction, the chief accounting officer now directly owns 4,281 shares in the company, valued at $247,912.71. The disclosure for this sale can be found here. Insiders sold a total of 230,000 shares of company stock worth $13,191,217 over the last ninety days. 3.49% of the stock is currently owned by corporate insiders.

Core & Main Company 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.