Glenmede Trust Co. NA Sells 10,070 Shares of Core & Main, Inc. (NYSE:CNM)

Glenmede Trust Co. NA cut its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 36.4% in the third quarter, Holdings Channel reports. The institutional investor owned 17,595 shares of the company’s stock after selling 10,070 shares during the quarter. Glenmede Trust Co. NA’s holdings in Core & Main were worth $781,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in Core & Main during the 3rd quarter valued at $26,000. ORG Wealth Partners LLC bought a new position in shares of Core & Main during the 3rd quarter worth about $31,000. GAMMA Investing LLC raised its position in shares of Core & Main by 61.1% during the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after buying an additional 511 shares during the last quarter. Brown Brothers Harriman & Co. bought a new stake in shares of Core & Main in the second quarter valued at about $76,000. Finally, CWM LLC grew its position in Core & Main by 25.6% during the second quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after buying an additional 334 shares in the last quarter. 94.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CNM has been the subject of several recent research reports. Barclays reduced their price objective on Core & Main from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. Royal Bank of Canada reduced their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th. Loop Capital lowered their price target on shares of Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. JPMorgan Chase & Co. reduced their price objective on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a report on Tuesday, September 3rd. Finally, Bank of America dropped their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.20.

Core & Main Stock Performance

NYSE CNM opened at $55.78 on Wednesday. Core & Main, Inc. has a 1-year low of $35.03 and a 1-year high of $62.15. The company has a 50 day moving average of $44.80 and a 200-day moving average of $48.09. 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 firm has a market cap of $11.22 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 3.14 and a beta of 1.04.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The firm had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Core & Main had a return on equity of 21.91% and a net margin of 5.58%. The business’s revenue was up 11.5% on a year-over-year basis. During the same period last year, the firm posted $0.65 EPS. On average, equities analysts forecast that Core & Main, Inc. will post 2.1 earnings per share for the current fiscal year.

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.