SG Americas Securities LLC Cuts Stake in Core & Main, Inc. $CNM

SG Americas Securities LLC cut its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 38.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,179 shares of the company’s stock after selling 31,985 shares during the period. SG Americas Securities LLC’s holdings in Core & Main were worth $2,479,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Morgan Stanley grew its stake in Core & Main by 8.3% during the 4th quarter. Morgan Stanley now owns 14,586,859 shares of the company’s stock worth $758,079,000 after buying an additional 1,118,145 shares during the last quarter. Capital World Investors boosted its holdings in Core & Main by 5.8% in the fourth quarter. Capital World Investors now owns 6,292,740 shares of the company’s stock worth $327,034,000 after acquiring an additional 344,606 shares in the last quarter. State Street Corp boosted its holdings in Core & Main by 1.0% in the fourth quarter. State Street Corp now owns 5,733,516 shares of the company’s stock worth $297,971,000 after acquiring an additional 54,562 shares in the last quarter. Royal London Asset Management Ltd. grew its stake in shares of Core & Main by 12.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 5,688,595 shares of the company’s stock worth $295,636,000 after acquiring an additional 632,077 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Core & Main by 38.6% during the fourth quarter. First Trust Advisors LP now owns 5,318,070 shares of the company’s stock worth $276,380,000 after acquiring an additional 1,482,235 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $24.00 price objective on shares of Core & Main in a research report on Thursday, June 11th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Barclays decreased their price target on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Finally, Citigroup dropped their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, June 11th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.73.

Insider Buying and Selling at Core & Main

In other Core & Main news, Director James D. Hope bought 1,972 shares of the firm’s stock in a transaction that occurred on Tuesday, April 7th. The stock was bought at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the transaction, the director directly owned 6,939 shares of the company’s stock, valued at approximately $351,807.30. This trade represents a 39.70% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $52.54, for a total transaction of $262,700.00. Following the completion of the sale, the chief financial officer directly owned 12,500 shares in the company, valued at approximately $656,750. The trade was a 28.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.51% of the company’s stock.

Core & Main Price Performance

Shares of NYSE CNM opened at $45.49 on Thursday. The business’s 50 day moving average price is $48.74 and its 200 day moving average price is $51.89. The firm has a market cap of $8.80 billion, a P/E ratio of 19.27, a P/E/G ratio of 1.67 and a beta of 0.91. Core & Main, Inc. has a 52 week low of $43.96 and a 52 week high of $67.18. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.00.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.19. The company had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. Core & Main had a net margin of 5.87% and a return on equity of 26.17%. Core & Main’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period last year, the firm posted $0.52 EPS. On average, sell-side analysts expect that Core & Main, Inc. will post 3.06 earnings per share for the current year.

Core & Main Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.