Fernbridge Capital Management LP Has $22.18 Million Stock Position in Core & Main, Inc. (NYSE:CNM)

Fernbridge Capital Management LP lowered its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 37.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 435,736 shares of the company's stock after selling 255,771 shares during the period. Core & Main makes up about 1.2% of Fernbridge Capital Management LP's portfolio, making the stock its 22nd largest position. Fernbridge Capital Management LP owned approximately 0.22% of Core & Main worth $22,183,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Core & Main by 1.2% during the 4th 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 last quarter. FMR LLC increased its position in shares of Core & Main by 4.1% during 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 during the period. Invesco Ltd. boosted its stake in shares of Core & Main by 0.8% in the 4th quarter. Invesco Ltd. now owns 5,926,569 shares of the company's stock valued at $301,722,000 after buying an additional 44,513 shares during the period. Bessemer Group Inc. lifted its position in shares of Core & Main by 0.5% during the 4th 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. increased its holdings in shares of Core & Main by 1.3% in the 4th quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company's stock valued at $194,005,000 after acquiring an additional 48,833 shares during the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Stock Up 1.8 %

NYSE:CNM traded up $0.96 on Friday, hitting $53.98. 534,942 shares of the company's stock traded hands, compared to its average volume of 2,291,837. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $62.15. The firm has a 50-day moving average price of $48.97 and a 200-day moving average price of $49.90. The company has a market cap of $10.68 billion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main's revenue for the quarter was up 17.9% on a year-over-year basis. During the same period last year, the company earned $0.34 earnings per share. Equities analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Insider Buying and Selling at Core & Main

In related news, CAO John Weldon Stephens sold 41,963 shares of the company's stock in a transaction dated 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 transaction, the chief accounting officer now owns 4,120 shares in the company, valued at approximately $207,977.60. This represents a 91.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Bradford A. Cowles sold 25,000 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $54.48, for a total value of $1,362,000.00. Following the transaction, the president now owns 16,010 shares in the company, valued at $872,224.80. The trade was a 60.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 99,045 shares of company stock valued at $5,045,698. 3.49% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Core & Main from $62.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of Core & Main in a research note on Tuesday, April 1st. They issued a "buy" rating and a $60.00 target price for the company. Wells Fargo & Company lifted their price target on Core & Main from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Tuesday, February 4th. Robert W. Baird reduced their price objective 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. Finally, Citigroup lifted their price objective on shares of Core & Main from $43.00 to $56.00 and gave the company a "neutral" rating in a research note on Monday, January 6th. 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $57.55.

About Core & Main

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.