Perpetual Ltd Lowers Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Perpetual Ltd lowered its stake in Core & Main, Inc. (NYSE:CNM) by 3.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 240,270 shares of the company’s stock after selling 7,540 shares during the period. Perpetual Ltd owned 0.12% of Core & Main worth $13,755,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Core & Main by 41.4% in the fourth quarter. Vanguard Group Inc. now owns 13,417,484 shares of the company’s stock worth $542,201,000 after acquiring an additional 3,926,588 shares during the last quarter. FMR LLC grew its position in Core & Main by 51.1% during the 3rd quarter. FMR LLC now owns 7,865,719 shares of the company’s stock valued at $226,926,000 after purchasing an additional 2,660,097 shares during the last quarter. Handelsbanken Fonder AB increased its stake in Core & Main by 180.1% during the 4th quarter. Handelsbanken Fonder AB now owns 2,707,385 shares of the company’s stock valued at $109,405,000 after purchasing an additional 1,740,685 shares in the last quarter. Invesco Ltd. raised its holdings in Core & Main by 22.7% in the third quarter. Invesco Ltd. now owns 2,493,056 shares of the company’s stock worth $71,925,000 after buying an additional 461,393 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in Core & Main by 2.8% in the fourth quarter. First Trust Advisors LP now owns 2,403,921 shares of the company’s stock worth $97,142,000 after buying an additional 66,575 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analyst Ratings Changes

CNM has been the subject of several analyst reports. The Goldman Sachs Group raised their price target on shares of Core & Main from $42.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, March 26th. Royal Bank of Canada reissued an “outperform” rating and issued a $60.00 target price on shares of Core & Main in a report on Wednesday, June 5th. Citigroup downgraded Core & Main from a “buy” rating to a “neutral” rating and upped their price target for the company from $63.00 to $64.00 in a report on Friday, April 5th. Barclays lifted their price objective on Core & Main from $49.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. Finally, Loop Capital upped their target price on shares of Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $52.90.

Insider Transactions at Core & Main

In related news, General Counsel Mark G. Whittenburg sold 50,000 shares of Core & Main stock in a transaction on Friday, April 19th. The stock was sold at an average price of $54.08, for a total transaction of $2,704,000.00. Following the transaction, the general counsel now directly owns 12,933 shares in the company, valued at $699,416.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO John Weldon Stephens sold 5,503 shares of Core & Main stock in a transaction on Friday, April 19th. The shares were sold at an average price of $54.23, for a total transaction of $298,427.69. Following the transaction, the chief accounting officer now owns 4,281 shares in the company, valued at approximately $232,158.63. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of the stock in a transaction on Friday, April 19th. The stock was sold at an average price of $54.08, for a total value of $2,704,000.00. Following the completion of the sale, the general counsel now owns 12,933 shares of the company’s stock, valued at approximately $699,416.64. The disclosure for this sale can be found here. Insiders sold 165,000 shares of company stock worth $9,427,067 in the last three months. Corporate insiders own 3.49% of the company’s stock.

Core & Main Trading Down 1.1 %

Core & Main stock opened at $51.15 on Friday. Core & Main, Inc. has a 52-week low of $27.75 and a 52-week high of $62.15. The company has a market cap of $10.30 billion, a P/E ratio of 23.90, a P/E/G ratio of 1.84 and a beta of 1.12. The company has a quick ratio of 1.23, a current ratio of 2.14 and a debt-to-equity ratio of 1.46. The business has a 50-day simple moving average of $55.92 and a two-hundred day simple moving average of $49.05.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, June 4th. The company reported $0.49 earnings per share (EPS) 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 the consensus estimate of $1.72 billion. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.50 earnings per share. Analysts predict that Core & Main, Inc. will post 2.47 EPS for the current year.

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.