Core & Main, Inc. (NYSE:CNM) Position Cut by Fifth Third Bancorp

Fifth Third Bancorp trimmed its stake in Core & Main, Inc. (NYSE:CNM) by 5.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,853 shares of the company’s stock after selling 736 shares during the quarter. Fifth Third Bancorp’s holdings in Core & Main were worth $621,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in Core & Main by 447.1% in the first quarter. Parallel Advisors LLC now owns 651 shares of the company’s stock valued at $31,000 after buying an additional 532 shares during the last quarter. Versant Capital Management Inc lifted its stake in Core & Main by 1,491.8% in the first quarter. Versant Capital Management Inc now owns 1,162 shares of the company’s stock valued at $56,000 after buying an additional 1,089 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in Core & Main by 30.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock valued at $61,000 after buying an additional 278 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Core & Main by 187.4% during the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock valued at $65,000 after purchasing an additional 830 shares during the period. Finally, Ancora Advisors LLC acquired a new position in shares of Core & Main during the fourth quarter valued at $75,000. 94.19% of the stock is currently owned by institutional investors.

Core & Main Price Performance

NYSE:CNM opened at $55.61 on Wednesday. The business’s 50-day moving average price is $53.31 and its 200 day moving average price is $52.15. The firm has a market cap of $11.00 billion, a P/E ratio of 25.87, a PEG ratio of 1.65 and a beta of 1.02. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $60.38. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 1.23.

Core & Main (NYSE:CNM) last released its 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. The firm had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.84 billion. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. Core & Main’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.49 earnings per share. As a group, sell-side analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CNM has been the topic of a number of research analyst reports. Robert W. Baird lowered their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a report on Tuesday, April 1st. They set a “buy” rating and a $60.00 price target on the stock. Loop Capital raised their price target on Core & Main from $63.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, June 11th. Citigroup raised their price target on Core & Main from $56.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, June 10th. Finally, Wells Fargo & Company raised their price target on Core & Main from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, June 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.55.

Insiders Place Their Bets

In other Core & Main news, General Counsel Mark G. Whittenburg sold 49,100 shares of the business’s stock in a transaction dated 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 owns 9,691 shares in the company, valued at approximately $581,750.73. The trade was a 83.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO John Weldon Stephens sold 41,963 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total value of $2,118,292.24. Following the sale, the chief accounting officer now owns 4,120 shares in the company, valued at approximately $207,977.60. The trade was a 91.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 157,666 shares of company stock worth $8,770,352. Company insiders own 3.53% of the company’s stock.

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.