Core & Main, Inc. (NYSE:CNM) Shares Acquired by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp increased its stake in Core & Main, Inc. (NYSE:CNM) by 18% in Q1, bringing its total holdings to 44,994 shares valued at approximately $2,174,000.
• The stock price of Core & Main rose by 1.8%, closing at $63.82, while the company reported quarterly earnings of $0.52 per share, meeting analysts' expectations.
• Several institutional investors have also increased their holdings in Core & Main, with 94.19% of the stock now owned by institutional investors, indicating strong market interest.

Alberta Investment Management Corp lifted its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 18.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,994 shares of the company's stock after buying an additional 6,876 shares during the quarter. Alberta Investment Management Corp's holdings in Core & Main were worth $2,174,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Parallel Advisors LLC raised its position in 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 purchasing an additional 532 shares during the last quarter. Rossby Financial LCC purchased a new stake in shares of Core & Main in the 1st quarter worth about $37,000. CWM LLC boosted its position in Core & Main by 34.0% during the 1st quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after acquiring an additional 213 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Core & Main by 1,491.8% in the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock worth $56,000 after acquiring an additional 1,089 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Core & Main by 30.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock valued at $61,000 after purchasing an additional 278 shares during the period. 94.19% of the stock is currently owned by institutional investors.

Insider Activity

In related news, General Counsel Mark G. Whittenburg sold 49,100 shares of Core & Main stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $60.03, for a total value of $2,947,473.00. Following the completion of the sale, the general counsel directly owned 9,691 shares in the company, valued at $581,750.73. The trade was a 83.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Laura K. Schneider sold 45,695 shares of Core & Main stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $56.25, for a total value of $2,570,343.75. Following the completion of the transaction, the insider owned 12,873 shares in the company, valued at $724,106.25. This represents a 78.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 428,445 shares of company stock valued at $26,045,755. 3.53% of the stock is currently owned by corporate insiders.

Core & Main Price Performance

CNM traded up $0.66 during trading hours on Thursday, hitting $64.20. The company's stock had a trading volume of 983,163 shares, compared to its average volume of 1,974,286. The business's 50-day moving average price is $60.52 and its 200-day moving average price is $54.55. 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, Inc. has a 12 month low of $37.22 and a 12 month high of $65.97. The stock has a market cap of $12.66 billion, a price-to-earnings ratio of 29.83, a P/E/G ratio of 1.89 and a beta of 1.04.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The company had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period last year, the company earned $0.49 earnings per share. Core & Main's revenue was up 9.8% on a year-over-year basis. Sell-side analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Royal Bank Of Canada boosted their target price on Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a report on Tuesday, June 10th. Wells Fargo & Company increased their target price on Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Loop Capital reiterated a "hold" rating and issued a $68.00 price target on shares of Core & Main in a research report on Monday, July 28th. Citigroup boosted their price objective 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. Finally, JPMorgan Chase & Co. lifted their target price on Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $60.00.

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.