Core & Main, Inc. (NYSE:CNM) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp decreased its position in Core & Main, Inc. (NYSE:CNM) by 1.8% in the 2nd quarter, Holdings Channel reports. The fund owned 419,049 shares of the company’s stock after selling 7,523 shares during the period. Mackenzie Financial Corp’s holdings in Core & Main were worth $20,508,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. QRG Capital Management Inc. boosted its stake in shares of Core & Main by 1.9% during the 2nd quarter. QRG Capital Management Inc. now owns 12,153 shares of the company’s stock valued at $595,000 after buying an additional 228 shares during the last quarter. United Services Automobile Association lifted its stake in 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 during the last quarter. CWM LLC lifted its stake 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 purchasing an additional 334 shares during the last quarter. Lisanti Capital Growth LLC lifted its stake in Core & Main by 0.3% during the first quarter. Lisanti Capital Growth LLC now owns 157,865 shares of the company’s stock worth $9,038,000 after purchasing an additional 395 shares during the last quarter. Finally, Rise Advisors LLC bought a new position in Core & Main during the first quarter worth $27,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Barclays cut their target price on Core & Main from $65.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. lowered their price target on Core & Main from $54.00 to $52.00 and set an “overweight” rating on the stock in a report on Tuesday, September 3rd. Loop Capital lowered their price target on Core & Main from $64.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. Royal Bank of Canada lowered their price target on Core & Main from $60.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. Finally, Robert W. Baird lowered their target price on Core & Main from $62.00 to $53.00 and set an “outperform” rating on the stock in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.55.

Core & Main Trading Up 1.1 %

NYSE:CNM opened at $45.77 on Monday. The company has a quick ratio of 1.34, a current ratio of 2.29 and a debt-to-equity ratio of 1.40. Core & Main, Inc. has a 1-year low of $27.98 and a 1-year high of $62.15. The firm has a market capitalization of $9.22 billion, a price-to-earnings ratio of 21.39, a price-to-earnings-growth ratio of 2.87 and a beta of 1.04. The stock has a fifty day simple moving average of $47.30 and a 200 day simple moving average of $52.06.

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

Core & Main announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Core & Main news, Director James G. Castellano sold 12,500 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 11,769 shares in the company, valued at approximately $614,577.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.49% of the company’s stock.

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.