Exchange Traded Concepts LLC Trims Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Exchange Traded Concepts LLC trimmed its position in Core & Main, Inc. (NYSE:CNMFree Report) by 9.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 32,263 shares of the company’s stock after selling 3,192 shares during the period. Exchange Traded Concepts LLC’s holdings in Core & Main were worth $1,559,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Core & Main by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock worth $927,580,000 after purchasing an additional 221,970 shares during the period. FMR LLC boosted its holdings in Core & Main by 4.1% in the fourth quarter. FMR LLC now owns 9,055,993 shares of the company’s stock worth $461,041,000 after acquiring an additional 358,909 shares in the last quarter. Invesco Ltd. boosted its holdings in Core & Main by 0.8% in the fourth quarter. Invesco Ltd. now owns 5,926,569 shares of the company’s stock worth $301,722,000 after acquiring an additional 44,513 shares in the last quarter. Bessemer Group Inc. boosted its holdings in Core & Main by 0.5% in the fourth quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company’s stock worth $195,250,000 after acquiring an additional 20,756 shares in the last quarter. Finally, Royal London Asset Management Ltd. boosted its holdings in Core & Main by 1.3% in the fourth quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company’s stock worth $194,005,000 after acquiring an additional 48,833 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Trading Up 0.8%

Shares of NYSE:CNM opened at $56.08 on Thursday. The company has a market cap of $11.10 billion, a P/E ratio of 26.08, a PEG ratio of 1.64 and a beta of 1.02. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.96 and a quick ratio of 1.10. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $60.38. The stock’s fifty day moving average price is $53.45 and its 200-day moving average price is $52.18.

Core & Main (NYSE:CNMGet Free Report) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52. The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.49 earnings per share. Sell-side analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Wall Street Analyst Weigh In

CNM has been the topic of several analyst reports. Citigroup boosted their target price on Core & Main from $56.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, June 10th. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price on the stock. Robert W. Baird dropped their target price on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. JPMorgan Chase & Co. boosted their target price on Core & Main from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. Finally, Wells Fargo & Company boosted their target price on Core & Main from $60.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, June 10th. 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 data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $59.55.

Get Our Latest Research Report on CNM

Insider Activity at Core & Main

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

Core & Main Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CNM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Core & Main, Inc. (NYSE:CNMFree Report).

Institutional Ownership by Quarter for Core & Main (NYSE:CNM)

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