Samlyn Capital LLC Lowers Stake in Core & Main, Inc. (NYSE:CNM)

Samlyn Capital LLC cut its stake in Core & Main, Inc. (NYSE:CNM) by 10.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,084,894 shares of the company’s stock after selling 345,656 shares during the quarter. Core & Main comprises about 2.5% of Samlyn Capital LLC’s holdings, making the stock its 9th largest position. Samlyn Capital LLC’s holdings in Core & Main were worth $150,975,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CNM. Dimensional Fund Advisors LP grew its position in Core & Main by 18.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,290,875 shares of the company’s stock worth $52,166,000 after buying an additional 197,960 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Core & Main during the fourth quarter worth about $558,000. Quadrant Capital Group LLC grew its position in Core & Main by 74.5% during the fourth quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock worth $35,000 after buying an additional 365 shares in the last quarter. Norges Bank purchased a new position in Core & Main during the fourth quarter worth about $69,282,000. Finally, Corient Private Wealth LLC grew its position in Core & Main by 24.3% during the fourth quarter. Corient Private Wealth LLC now owns 25,114 shares of the company’s stock worth $1,015,000 after buying an additional 4,909 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Core & Main

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is available at the SEC website. 3.49% of the stock is currently owned by corporate insiders.

Core & Main Trading Up 1.8 %

CNM opened at $44.17 on Tuesday. The business has a 50 day simple moving average of $47.88 and a two-hundred day simple moving average of $52.18. The firm has a market capitalization of $8.90 billion, a price-to-earnings ratio of 20.64, a PEG ratio of 2.52 and a beta of 1.04. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. Core & Main, Inc. has a one year low of $27.98 and a one year high of $62.15.

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

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada cut their price objective on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. Bank of America cut their price objective on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. The Goldman Sachs Group cut their price objective on Core & Main from $57.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Wells Fargo & Company assumed coverage on Core & Main in a report on Monday. They issued an “overweight” rating and a $52.00 price objective for the company. Finally, Robert W. Baird cut their price objective on Core & Main from $62.00 to $53.00 and set an “outperform” rating for the company in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $49.55.

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.