Mackenzie Financial Corp Acquires Shares of 383,170 Core & Main, Inc. (NYSE:CNM)

Mackenzie Financial Corp purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 383,170 shares of the company’s stock, valued at approximately $15,484,000.

A number of other institutional investors have also added to or reduced their stakes in CNM. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Core & Main in the third quarter worth $28,000. Harbor Investment Advisory LLC bought a new position in Core & Main during the third quarter worth about $33,000. Money Concepts Capital Corp bought a new stake in shares of Core & Main in the fourth quarter valued at approximately $39,000. Kepos Capital LP bought a new position in Core & Main in the 3rd quarter worth approximately $41,000. Finally, PNC Financial Services Group Inc. bought a new stake in Core & Main during the 2nd quarter valued at $43,000. 94.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Truist Financial reissued a “hold” rating and set a $38.00 price objective on shares of Core & Main in a report on Wednesday, March 20th. Royal Bank of Canada upped their price target on shares of Core & Main from $59.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. The Goldman Sachs Group boosted their target price on Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. Citigroup lowered Core & Main from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $63.00 to $64.00 in a report on Friday, April 5th. Finally, Barclays boosted their price target on shares of Core & Main from $49.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 20th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Core & Main Stock Performance

Shares of CNM stock opened at $54.58 on Friday. The company has a quick ratio of 1.30, a current ratio of 2.29 and a debt-to-equity ratio of 1.22. The stock has a fifty day moving average of $51.74 and a 200 day moving average of $41.54. The firm has a market capitalization of $10.99 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 1.71 and a beta of 1.15. Core & Main, Inc. has a 52 week low of $24.83 and a 52 week high of $60.83.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, March 19th. The company reported $0.34 earnings per share for the quarter, meeting the consensus estimate of $0.34. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Core & Main had a return on equity of 18.22% and a net margin of 5.54%. The business’s revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.31 EPS. As a group, research analysts expect that Core & Main, Inc. will post 2.59 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Cd&R Investment Associates X, sold 22,907,815 shares of Core & Main stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $40.98, for a total transaction of $938,762,258.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Cd&R Investment Associates X, sold 22,907,815 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $40.98, for a total transaction of $938,762,258.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jeffrey D. Giles sold 40,000 shares of Core & Main stock in a transaction on Monday, February 12th. The stock was sold at an average price of $44.14, for a total value of $1,765,600.00. Following the completion of the sale, the vice president now directly owns 8,217 shares of the company’s stock, valued at approximately $362,698.38. The disclosure for this sale can be found here. Insiders sold a total of 23,363,315 shares of company stock worth $960,746,759 in the last three months. 3.49% of the stock is owned by corporate insiders.

Core & Main 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.