HighTower Advisors LLC Sells 2,122 Shares of Core & Main, Inc. (NYSE:CNM)

HighTower Advisors LLC decreased its holdings in Core & Main, Inc. (NYSE:CNM) by 7.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,319 shares of the company’s stock after selling 2,122 shares during the quarter. HighTower Advisors LLC’s holdings in Core & Main were worth $1,210,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CNM. CWM LLC lifted 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 buying an additional 334 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Core & Main by 29.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 32,455 shares of the company’s stock worth $1,588,000 after buying an additional 7,392 shares in the last quarter. Raymond James & Associates lifted its position in shares of Core & Main by 3.6% during the 2nd quarter. Raymond James & Associates now owns 436,144 shares of the company’s stock worth $21,345,000 after buying an additional 15,091 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Core & Main by 41.1% during the 2nd quarter. Fifth Third Bancorp now owns 13,051 shares of the company’s stock worth $639,000 after buying an additional 3,799 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of Core & Main during the 2nd quarter worth approximately $253,000. Institutional investors own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CNM shares. Royal Bank of Canada reissued an “outperform” rating and set a $62.00 target price (up previously from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. Wells Fargo & Company raised their price target on shares of Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Bank of America decreased 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 note on Thursday, September 5th. Robert W. Baird raised their price target on shares of Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.10.

Core & Main Stock Up 1.3 %

Core & Main stock opened at $52.91 on Tuesday. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $62.15. The firm has a market capitalization of $10.64 billion, a price-to-earnings ratio of 24.84, a P/E/G ratio of 2.95 and a beta of 1.04. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The firm has a 50 day simple moving average of $46.74 and a 200 day simple moving average of $47.69.

Core & Main (NYSE:CNM) last released its quarterly earnings data 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. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same period in the previous year, the business earned $0.65 EPS. Core & Main’s revenue was up 11.5% compared to the same quarter last year. On average, analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Insider Activity

In other news, President Bradford A. Cowles sold 50,000 shares of the business’s stock in a transaction on 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 transaction, the president now directly owns 18,423 shares in the company, valued at $1,014,554.61. The trade was a 73.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Stephen O. Leclair sold 200,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the transaction, the chief executive officer now owns 92,349 shares of the company’s stock, valued at $5,068,113.12. This trade represents a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 290,000 shares of company stock worth $15,926,000 in the last three months. 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.