Artemis Investment Management LLP Reduces Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Artemis Investment Management LLP cut its holdings in Core & Main, Inc. (NYSE:CNM) by 28.0% during the 4th quarter, Holdings Channel reports. The fund owned 855,072 shares of the company’s stock after selling 332,307 shares during the period. Artemis Investment Management LLP’s holdings in Core & Main were worth $43,532,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Core & Main in the 3rd quarter worth $26,000. ORG Wealth Partners LLC purchased a new stake in Core & Main in the third quarter worth about $31,000. Wilmington Savings Fund Society FSB bought a new position in shares of Core & Main in the third quarter worth about $49,000. GAMMA Investing LLC raised its stake in shares of Core & Main by 61.1% in the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock worth $60,000 after buying an additional 511 shares during the period. Finally, Avanza Fonder AB bought a new position in shares of Core & Main during the 4th quarter valued at approximately $97,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analysts Set New Price Targets

CNM has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their target price on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a research note on Thursday, December 5th. Robert W. Baird lifted their target price on shares of Core & Main from $60.00 to $66.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Truist Financial increased their price target on Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Barclays boosted their price objective on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company increased their target price on Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. One research 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.30.

Insiders Place Their Bets

In other news, General Counsel Mark G. Whittenburg sold 1,974 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $55.29, for a total value of $109,142.46. Following the completion of the sale, the general counsel now directly owns 7,667 shares of the company’s stock, valued at $423,908.43. This trade represents a 20.48 % 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 Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the transaction, the chief executive officer now owns 92,349 shares of the company’s stock, valued at approximately $5,068,113.12. This trade represents a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 427,426 shares of company stock valued at $22,923,825 in the last three months. Corporate insiders own 3.49% of the company’s stock.

Core & Main Price Performance

Shares of Core & Main stock opened at $55.21 on Friday. The firm has a market cap of $10.97 billion, a PE ratio of 25.92, a PEG ratio of 2.79 and a beta of 1.02. The stock has a 50 day moving average of $49.97 and a 200 day moving average of $47.97. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 12 month low of $37.22 and a 12 month high of $62.15.

Core & Main (NYSE:CNM) last posted its earnings results on Tuesday, December 3rd. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the prior year, the company earned $0.65 EPS. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Core & Main Profile

Core & Main, Inc is a specialty distributor focused on water, wastewater, storm drainage and fire protection products, and related services. The company provides infrastructure solutions to municipalities, private water companies and professional contractors across municipal, non-residential, and residential end markets, nationwide.