Core & Main, Inc. (NYSE:CNM) Position Lessened by Cerity Partners LLC

Cerity Partners LLC trimmed its position in shares of Core & Main, Inc. (NYSE:CNM) by 53.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,917 shares of the company’s stock after selling 12,532 shares during the period. Cerity Partners LLC’s holdings in Core & Main were worth $527,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CNM. Corient Private Wealth LLC raised its holdings in shares of Core & Main by 9.2% during the fourth quarter. Corient Private Wealth LLC now owns 7,117 shares of the company’s stock worth $362,000 after acquiring an additional 599 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Core & Main during the fourth quarter worth $1,985,000. LPL Financial LLC raised its holdings in shares of Core & Main by 16.1% during the fourth quarter. LPL Financial LLC now owns 17,757 shares of the company’s stock worth $904,000 after acquiring an additional 2,461 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Core & Main by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock worth $927,580,000 after acquiring an additional 221,970 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Core & Main by 0.3% during the fourth quarter. JPMorgan Chase & Co. now owns 2,847,032 shares of the company’s stock worth $144,942,000 after acquiring an additional 7,633 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director James G. Castellano sold 43,994 shares of Core & Main stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $61.98, for a total transaction of $2,726,748.12. Following the sale, the director directly owned 4,638 shares of the company’s stock, valued at $287,463.24. This trade represents a 90.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark R. Witkowski sold 100,000 shares of Core & Main stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $61.26, for a total value of $6,126,000.00. Following the sale, the chief executive officer directly owned 35,847 shares in the company, valued at approximately $2,195,987.22. This trade represents a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 438,659 shares of company stock valued at $26,587,301 in the last quarter. Insiders own 3.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CNM shares. JPMorgan Chase & Co. raised their target price on Core & Main from $54.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, May 27th. Wells Fargo & Company raised their target price on Core & Main from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft started coverage on Core & Main in a report on Tuesday, April 1st. They set a “buy” rating and a $60.00 target price on the stock. Citigroup raised their target price on Core & Main from $56.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, June 10th. 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.00.

Core & Main Trading Up 0.9%

Shares of NYSE:CNM opened at $65.73 on Friday. The company has a market cap of $12.96 billion, a P/E ratio of 30.57, a P/E/G ratio of 1.92 and a beta of 1.04. The stock’s 50-day moving average is $58.82 and its 200-day moving average is $53.93. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $65.94. 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 (NYSE:CNM) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.84 billion. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same period last year, the business posted $0.49 earnings per share. Equities research analysts predict that Core & Main, Inc. will post 2.16 earnings per share 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.