Bank of America Corp DE Acquires 296,516 Shares of Core & Main, Inc. (NYSE:CNM)

Bank of America Corp DE grew its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 23.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,570,977 shares of the company's stock after buying an additional 296,516 shares during the quarter. Bank of America Corp DE owned 0.79% of Core & Main worth $79,978,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake 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 valued at $927,580,000 after buying an additional 221,970 shares during the last quarter. FMR LLC grew its stake in shares of 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 purchasing an additional 358,909 shares during the last quarter. Invesco Ltd. grew its stake in shares of 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 purchasing an additional 44,513 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of 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 purchasing an additional 20,756 shares during the last quarter. Finally, Royal London Asset Management Ltd. grew its stake in shares of 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 purchasing an additional 48,833 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Core & Main news, CAO John Weldon Stephens sold 41,963 shares of Core & Main stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the sale, the chief accounting officer now owns 4,120 shares of the company's stock, valued at approximately $207,977.60. The trade was a 91.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John R. Schaller sold 21,868 shares of Core & Main stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the completion of the sale, the executive vice president now directly owns 16,452 shares of the company's stock, valued at approximately $770,282.64. This trade represents a 57.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,045 shares of company stock worth $3,683,698 in the last three months. Insiders own 3.49% of the company's stock.

Core & Main Stock Up 3.1%

NYSE CNM traded up $1.61 during mid-day trading on Friday, reaching $54.14. The stock had a trading volume of 1,238,611 shares, compared to its average volume of 2,316,327. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $61.33. The stock has a market cap of $10.71 billion, a PE ratio of 25.42, a price-to-earnings-growth ratio of 2.61 and a beta of 1.04. The company has a fifty day moving average price of $49.85 and a 200 day moving average price of $50.47. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.03). Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter in the previous year, the firm earned $0.34 earnings per share. Core & Main's revenue was up 17.9% on a year-over-year basis. On average, research analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Robert W. Baird cut their target price on Core & Main from $66.00 to $65.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 26th. Royal Bank of Canada cut their target price on Core & Main from $62.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft assumed coverage on Core & Main in a research note on Tuesday, April 1st. They issued a "buy" rating and a $60.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on Core & Main from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Core & Main presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.55.

Core & Main Company 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.