Amalgamated Bank Lowers Stake in Core & Main, Inc. (NYSE:CNM)

Amalgamated Bank lessened its holdings in Core & Main, Inc. (NYSE:CNM) by 2.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 102,295 shares of the company’s stock after selling 2,367 shares during the quarter. Amalgamated Bank’s holdings in Core & Main were worth $5,006,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CNM. Principal Securities Inc. acquired a new position in Core & Main during the fourth quarter worth $43,000. Dimensional Fund Advisors LP raised its position in shares of Core & Main by 18.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,290,875 shares of the company’s stock worth $52,166,000 after purchasing an additional 197,960 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in Core & Main in the 4th quarter valued at about $481,000. Janney Montgomery Scott LLC acquired a new stake in Core & Main in the 4th quarter worth about $558,000. Finally, Quadrant Capital Group LLC increased its stake in Core & Main by 74.5% during the 4th 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. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Transactions at Core & Main

In related news, Director James G. Castellano sold 12,500 shares of Core & Main stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $52.22, for a total value of $652,750.00. Following the completion of the sale, the director now owns 11,769 shares in the company, valued at approximately $614,577.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.49% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Royal Bank of Canada decreased their target price on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Thursday, September 5th. 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. JPMorgan Chase & Co. reduced their target price on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Robert W. Baird decreased their price target on shares of Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th. Finally, Truist Financial cut their price objective on shares of Core & Main from $50.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.30.

Core & Main Stock Down 3.1 %

Shares of NYSE CNM opened at $43.41 on Friday. Core & Main, Inc. has a 1 year low of $27.75 and a 1 year high of $62.15. The company has a debt-to-equity ratio of 1.40, a current ratio of 2.29 and a quick ratio of 1.34. The company has a market capitalization of $8.75 billion, a P/E ratio of 20.29, a P/E/G ratio of 2.52 and a beta of 1.04. The company has a 50 day simple moving average of $48.03 and a 200-day simple moving average of $52.18.

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 the consensus estimate of $0.74 by ($0.13). The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Core & Main had a net margin of 5.58% and a return on equity of 21.91%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 earnings per share. On average, equities research analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Core & Main declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

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.