Stifel Financial Corp Lowers Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Stifel Financial Corp cut its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 13.0% during the third quarter, Holdings Channel reports. The firm owned 7,849 shares of the company’s stock after selling 1,176 shares during the quarter. Stifel Financial Corp’s holdings in Core & Main were worth $348,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Rhumbline Advisers grew its holdings in shares of Core & Main by 6.2% in the second quarter. Rhumbline Advisers now owns 508,554 shares of the company’s stock valued at $24,889,000 after purchasing an additional 29,490 shares in the last quarter. Eagle Asset Management Inc. boosted its position in Core & Main by 2.6% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,720,496 shares of the company’s stock valued at $74,979,000 after buying an additional 44,282 shares during the period. Quest Partners LLC boosted its position in Core & Main by 1,195,600.0% in the 3rd quarter. Quest Partners LLC now owns 11,957 shares of the company’s stock valued at $531,000 after buying an additional 11,956 shares during the period. South Street Advisors LLC acquired a new position in shares of Core & Main in the second quarter worth $8,427,000. Finally, Douglass Winthrop Advisors LLC increased its position in shares of Core & Main by 23.3% during the third quarter. Douglass Winthrop Advisors LLC now owns 70,272 shares of the company’s stock worth $3,120,000 after acquiring an additional 13,263 shares during the period. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Buying and Selling at Core & Main

In other Core & Main news, Director Margaret Newman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.25, for a total transaction of $828,750.00. Following the transaction, the director now directly owns 11,769 shares of the company’s stock, valued at approximately $650,237.25. This trade represents a 56.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Bradford A. Cowles sold 50,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the completion of the sale, the president now directly owns 18,423 shares of the company’s stock, valued at $1,014,554.61. The trade was a 73.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 290,000 shares of company stock worth $15,926,000. 3.49% of the stock is owned by insiders.

Core & Main Price Performance

Shares of NYSE:CNM opened at $51.03 on Friday. Core & Main, Inc. has a 12 month low of $37.22 and a 12 month high of $62.15. The firm has a market capitalization of $10.14 billion, a P/E ratio of 23.96, a P/E/G ratio of 2.95 and a beta of 1.04. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The company’s fifty day moving average price is $47.87 and its 200 day moving average price is $47.76.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.04. The business had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.65 earnings per share. As a group, sell-side analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Bank of America decreased their target price on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a report on Thursday, September 5th. Truist Financial upped their target price on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group raised their target price on shares of Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. JPMorgan Chase & Co. lowered their price target 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, Wells Fargo & Company raised their price objective on shares of Core & Main from $52.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.10.

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.