Headlands Technologies LLC Sells 2,737 Shares of Core & Main, Inc. (NYSE:CNM)

Headlands Technologies LLC lowered its holdings in Core & Main, Inc. (NYSE:CNM) by 77.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 797 shares of the company’s stock after selling 2,737 shares during the period. Headlands Technologies LLC’s holdings in Core & Main were worth $39,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. QRG Capital Management Inc. increased its position in Core & Main by 1.9% during the second quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock worth $595,000 after acquiring an additional 228 shares during the period. United Services Automobile Association grew its position in Core & Main by 2.0% in the 2nd quarter. United Services Automobile Association now owns 13,307 shares of the company’s stock worth $651,000 after purchasing an additional 266 shares during the last quarter. CWM LLC increased its holdings in shares of Core & Main by 25.6% during the 2nd quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after purchasing an additional 334 shares during the period. Quadrant Capital Group LLC raised its position in shares of Core & Main by 74.5% during the fourth quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after buying an additional 365 shares during the last quarter. Finally, Lisanti Capital Growth LLC lifted its stake in shares of Core & Main by 0.3% in the first quarter. Lisanti Capital Growth LLC now owns 157,865 shares of the company’s stock valued at $9,038,000 after buying an additional 395 shares during the period. 94.19% of the stock is owned by institutional investors.

Insider Activity

In other news, Director James G. Castellano sold 12,500 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $52.22, for a total transaction of $652,750.00. Following the transaction, the director now owns 11,769 shares of the company’s stock, valued at approximately $614,577.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.49% of the stock is currently owned by company insiders.

Core & Main Stock Performance

Shares of CNM stock opened at $42.72 on Wednesday. The firm has a market capitalization of $8.61 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 2.52 and a beta of 1.04. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. The business’s 50-day moving average price is $48.43 and its 200-day moving average price is $52.34. Core & Main, Inc. has a 12 month low of $27.75 and a 12 month high of $62.15.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Wednesday, September 4th. The company reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.13). Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter last year, the business earned $0.66 earnings per share. Core & Main’s revenue was up 5.5% compared to the same quarter last year. Equities research analysts forecast that Core & Main, Inc. will post 2.1 EPS for the current year.

Core & Main announced that its board has approved a share repurchase program on Wednesday, June 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Bank of America reduced their price objective on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. Barclays decreased their price target on shares of Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. The Goldman Sachs Group dropped their price objective on shares of Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Robert W. Baird decreased their target price on shares of Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. Finally, Loop Capital lowered their target price on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.30.

Core & Main 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.