CIBC Private Wealth Group LLC Trims Stake in Core & Main, Inc. (NYSE:CNM)

CIBC Private Wealth Group LLC cut its stake in Core & Main, Inc. (NYSE:CNM) by 22.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,906 shares of the company’s stock after selling 2,600 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Core & Main were worth $456,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Captrust Financial Advisors boosted its holdings in Core & Main by 11.6% during the third quarter. Captrust Financial Advisors now owns 29,444 shares of the company’s stock worth $1,307,000 after buying an additional 3,066 shares in the last quarter. Redwood Investment Management LLC boosted its stake in shares of Core & Main by 4.1% during the 3rd quarter. Redwood Investment Management LLC now owns 29,488 shares of the company’s stock worth $1,350,000 after acquiring an additional 1,164 shares in the last quarter. State Street Corp grew its position in shares of Core & Main by 9.7% during the 3rd quarter. State Street Corp now owns 5,522,009 shares of the company’s stock valued at $245,177,000 after acquiring an additional 489,224 shares during the period. DF Dent & Co. Inc. increased its stake in shares of Core & Main by 26.9% in the 3rd quarter. DF Dent & Co. Inc. now owns 837,693 shares of the company’s stock valued at $37,194,000 after purchasing an additional 177,595 shares in the last quarter. Finally, Zimmer Partners LP raised its holdings in Core & Main by 535.6% in the 3rd quarter. Zimmer Partners LP now owns 1,303,000 shares of the company’s stock worth $57,853,000 after purchasing an additional 1,098,000 shares during the period. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Analyst Ratings Changes

CNM has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft began coverage on Core & Main in a report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price objective on the stock. Wells Fargo & Company lifted their price target on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Royal Bank of Canada reduced their price objective on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. Robert W. Baird dropped their target price on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Finally, Citigroup upped their price target on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.55.

Insider Activity at Core & Main

In other Core & Main news, General Counsel Mark G. Whittenburg sold 1,974 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $55.29, for a total transaction of $109,142.46. Following the completion of the sale, the general counsel now owns 7,667 shares of the company’s stock, valued at $423,908.43. This trade represents a 20.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO John Weldon Stephens sold 41,963 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the transaction, the chief accounting officer now directly owns 4,120 shares in the company, valued at approximately $207,977.60. This trade represents a 91.06 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 226,257 shares of company stock valued at $11,501,977. 3.49% of the stock is owned by company insiders.

Core & Main Trading Down 2.3 %

Shares of Core & Main stock opened at $46.12 on Friday. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $62.15. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The stock has a market cap of $9.13 billion, a P/E ratio of 21.65, a P/E/G ratio of 2.61 and a beta of 1.05. The stock’s 50 day simple moving average is $51.06 and its 200-day simple moving average is $49.15.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period last year, the firm posted $0.34 EPS. The business’s quarterly revenue was up 17.9% on a year-over-year basis. Analysts predict 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.