Core & Main, Inc. (NYSE:CNM) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 3.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,998 shares of the company’s stock after selling 3,821 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.05% of Core & Main worth $5,040,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. QRG Capital Management Inc. raised 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 increased its stake in shares of Core & Main by 2.0% during the second quarter. United Services Automobile Association now owns 13,307 shares of the company’s stock worth $651,000 after purchasing an additional 266 shares in the last quarter. CWM LLC raised its position 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 last quarter. Lisanti Capital Growth LLC lifted its stake in Core & Main by 0.3% in the 1st 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 in the last quarter. Finally, Rise Advisors LLC acquired a new stake in Core & Main in the 1st quarter worth about $27,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Trading Up 1.1 %

Shares of CNM stock opened at $45.77 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.34 and a debt-to-equity ratio of 1.40. Core & Main, Inc. has a twelve month low of $27.98 and a twelve month high of $62.15. The company’s 50-day moving average price is $47.30 and its 200-day moving average price is $52.03. The stock has a market cap of $9.21 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 2.87 and a beta of 1.04.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, September 4th. The company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.13). The firm 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 business’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the company earned $0.66 EPS. As a group, equities analysts predict that Core & Main, Inc. will post 2.1 earnings per share for the current year.

Core & Main declared that its board has approved a share buyback plan on Wednesday, June 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Wells Fargo & Company began coverage on Core & Main in a report on Monday, September 23rd. They set an “overweight” rating and a $52.00 target price for the company. Royal Bank of Canada decreased their price objective on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Truist Financial lowered their target price on shares of Core & Main from $50.00 to $38.00 and set a “hold” 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. Finally, Bank of America decreased their price target on shares of Core & Main from $38.00 to $34.00 and set an “underperform” rating on the stock in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $49.55.

Insider Buying and Selling

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

About Core & Main

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.