Wealth Enhancement Advisory Services LLC Acquires New Stake in Core & Main, Inc. (NYSE:CNM)

Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Core & Main, Inc. (NYSE:CNM) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,941 shares of the company’s stock, valued at approximately $201,000.

A number of other large investors have also made changes to their positions in CNM. Charles Schwab Investment Management Inc. boosted its stake in Core & Main by 7.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,666,765 shares of the company’s stock worth $84,855,000 after buying an additional 122,240 shares during the last quarter. Impax Asset Management Group plc boosted its stake in Core & Main by 70.4% in the 4th quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock worth $174,661,000 after buying an additional 1,416,907 shares during the last quarter. Federated Hermes Inc. boosted its stake in Core & Main by 4,757.9% in the 4th quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company’s stock worth $57,953,000 after buying an additional 1,114,913 shares during the last quarter. Vanguard Group Inc. boosted its stake in Core & Main by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock worth $927,580,000 after buying an additional 221,970 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its stake in Core & Main by 13.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 65,284 shares of the company’s stock worth $3,331,000 after buying an additional 7,565 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Core & Main from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, June 10th. JPMorgan Chase & Co. lifted their price objective on Core & Main from $54.00 to $56.00 and gave the company an “overweight” rating in a research note on Tuesday, May 27th. Royal Bank Of Canada lifted their price objective on Core & Main from $60.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, June 10th. Deutsche Bank Aktiengesellschaft began coverage on Core & Main in a research note on Tuesday, April 1st. They issued a “buy” rating and a $60.00 price objective on the stock. Finally, Loop Capital raised their target price on Core & Main from $63.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.55.

Insider Transactions at Core & Main

In other news, General Counsel Mark G. Whittenburg sold 49,100 shares of the business’s stock in a transaction on Monday, June 9th. The stock was sold at an average price of $60.03, for a total transaction of $2,947,473.00. Following the sale, the general counsel now directly owns 9,691 shares of the company’s stock, valued at $581,750.73. The trade was a 83.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Laura K. Schneider sold 45,695 shares of the business’s stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $56.25, for a total value of $2,570,343.75. Following the sale, the insider now directly owns 12,873 shares in the company, valued at $724,106.25. This trade represents a 78.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 157,666 shares of company stock valued at $8,770,352. Corporate insiders own 3.53% of the company’s stock.

Core & Main Trading Down 0.7%

Shares of CNM stock opened at $55.61 on Wednesday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $60.38. The stock has a fifty day moving average of $53.31 and a two-hundred day moving average of $52.15. The firm has a market capitalization of $11.00 billion, a PE ratio of 25.87, a price-to-earnings-growth ratio of 1.65 and a beta of 1.02.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the previous year, the firm posted $0.49 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current 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.