QRG Capital Management Inc. Reduces Position in Core & Main, Inc. (NYSE:CNM)

QRG Capital Management Inc. decreased its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 2.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 11,552 shares of the company’s stock after selling 328 shares during the quarter. QRG Capital Management Inc.’s holdings in Core & Main were worth $558,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Parallel Advisors LLC boosted its position in shares of Core & Main by 447.1% during the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company’s stock valued at $31,000 after acquiring an additional 532 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Core & Main by 1,491.8% during the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company’s stock valued at $56,000 after acquiring an additional 1,089 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of Core & Main by 30.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock valued at $61,000 after acquiring an additional 278 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Core & Main by 187.4% during the 4th quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock valued at $65,000 after acquiring an additional 830 shares during the last quarter. Finally, Ancora Advisors LLC acquired a new position in shares of Core & Main during the 4th quarter valued at about $75,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Stock Up 1.6%

Shares of CNM opened at $57.06 on Friday. The firm has a market cap of $11.25 billion, a P/E ratio of 26.54, a price-to-earnings-growth ratio of 1.68 and a beta of 1.02. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $60.38. The company’s 50-day moving average price is $53.77 and its 200 day moving average price is $52.22. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 net margin of 5.47% and a return on equity of 23.55%. Core & Main’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.49 EPS. On average, sell-side analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Analyst Ratings Changes

CNM has been the topic of several recent research reports. Robert W. Baird lowered their price target on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Citigroup boosted their price target on shares of Core & Main from $56.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, June 10th. JPMorgan Chase & Co. boosted their price target on shares of Core & Main from $54.00 to $56.00 and gave the company an “overweight” rating in a research report on Tuesday, May 27th. Loop Capital boosted their price target on shares of Core & Main from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, June 11th. Finally, Royal Bank Of Canada boosted their price target on shares of Core & Main from $60.00 to $67.00 and gave the company an “outperform” rating in a research 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 given a buy rating to the company’s stock. According to data from MarketBeat, Core & Main has an average rating of “Moderate Buy” and a consensus target price of $59.55.

Insiders Place Their Bets

In other Core & Main news, EVP John R. Schaller sold 9,794 shares of the business’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $55.00, for a total transaction of $538,670.00. Following the sale, the executive vice president now directly owns 19,689 shares in the company, valued at $1,082,895. This represents a 33.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 $581,750.73. This trade represents a 83.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 157,666 shares of company stock worth $8,770,352 over the last three months. 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.