Legal & General Group Plc Cuts Position in Core & Main, Inc. (NYSE:CNM)

Legal & General Group Plc lowered its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 4.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 542,308 shares of the company's stock after selling 25,086 shares during the quarter. Legal & General Group Plc owned 0.27% of Core & Main worth $27,609,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. lifted 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 valued at $301,722,000 after acquiring an additional 44,513 shares during the period. Bell Asset Management Ltd purchased a new position in shares of Core & Main during the 4th quarter valued at approximately $7,619,000. FMR LLC lifted its stake in shares of Core & Main by 4.1% in the 4th quarter. FMR LLC now owns 9,055,993 shares of the company's stock valued at $461,041,000 after purchasing an additional 358,909 shares during the period. Federated Hermes Inc. boosted its holdings in Core & Main by 4,757.9% during the fourth quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company's stock worth $57,953,000 after buying an additional 1,114,913 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Core & Main during the fourth quarter valued at $805,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a research report on Tuesday, April 1st. They set a "buy" rating and a $60.00 target price on the stock. Citigroup boosted their target price on shares of Core & Main from $43.00 to $56.00 and gave the stock a "neutral" rating in a research note on Monday, January 6th. Royal Bank of Canada decreased their price target on shares of Core & Main from $62.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 26th. Robert W. Baird cut their price objective on Core & Main from $66.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, March 26th. Finally, Wells Fargo & Company increased their target price on Core & Main from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.55.

Insiders Place Their Bets

In other Core & Main news, CAO John Weldon Stephens sold 41,963 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total transaction of $2,118,292.24. Following the transaction, the chief accounting officer now directly owns 4,120 shares in the company, valued at $207,977.60. This represents a 91.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John R. Schaller sold 21,868 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $46.82, for a total value of $1,023,859.76. Following the transaction, the executive vice president now owns 16,452 shares of the company's stock, valued at $770,282.64. This trade represents a 57.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,831 shares of company stock valued at $4,504,152 over the last 90 days. 3.49% of the stock is owned by company insiders.

Core & Main Trading Up 1.9 %

Core & Main stock traded up $0.95 during trading on Friday, reaching $49.59. 1,992,222 shares of the company were exchanged, compared to its average volume of 2,296,335. The stock's 50 day simple moving average is $49.33 and its two-hundred day simple moving average is $49.35. The company has a market capitalization of $9.81 billion, a P/E ratio of 23.28, a PEG ratio of 2.61 and a beta of 1.05. 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, Inc. has a 52-week low of $37.22 and a 52-week high of $62.15.

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

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.