Alberta Investment Management Corp Grows Stock Holdings in Core & Main, Inc. (NYSE:CNM)

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 increased its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 18.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 44,994 shares of the company's stock after acquiring an additional 6,876 shares during the period. Alberta Investment Management Corp's holdings in Core & Main were worth $2,174,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CNM. Parallel Advisors LLC increased its holdings in shares of Core & Main by 447.1% in the 1st quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after acquiring an additional 532 shares during the period. Rossby Financial LCC purchased a new position in shares of Core & Main in the 1st quarter valued at $37,000. CWM LLC grew its stake in Core & Main by 34.0% during the 1st quarter. CWM LLC now owns 839 shares of the company's stock worth $41,000 after buying an additional 213 shares during the last quarter. Versant Capital Management Inc grew its stake in Core & Main by 1,491.8% during the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock worth $56,000 after buying an additional 1,089 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in Core & Main by 30.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock worth $61,000 after buying an additional 278 shares during the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director James G. Castellano sold 43,994 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $61.98, for a total value of $2,726,748.12. Following the transaction, the director directly owned 4,638 shares in the company, valued at approximately $287,463.24. This represents a 90.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Orvin T. Kimbrough sold 23,962 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $61.77, for a total value of $1,480,132.74. Following the completion of the transaction, the director owned 13,958 shares in the company, valued at $862,185.66. This represents a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 428,445 shares of company stock valued at $26,045,755. Insiders own 3.53% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CNM shares. Citigroup boosted their target price on Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 10th. Loop Capital reaffirmed a "hold" rating and set a $68.00 price target on shares of Core & Main in a research report on Monday, July 28th. Wells Fargo & Company lifted their price target on Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada lifted their price target on Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. lifted their price target on Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $60.00.

Core & Main Price Performance

NYSE CNM traded up $0.27 during trading hours on Tuesday, reaching $64.09. The company's stock had a trading volume of 1,470,957 shares, compared to its average volume of 1,864,122. The firm has a market capitalization of $12.63 billion, a price-to-earnings ratio of 29.81, a P/E/G ratio of 1.88 and a beta of 1.04. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $65.97. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.96 and a quick ratio of 1.10. The company's 50-day moving average is $60.16 and its two-hundred day moving average is $54.43.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting the consensus estimate 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 analyst estimates of $1.84 billion. During the same period in the previous year, the business earned $0.49 EPS. Core & Main's quarterly revenue was up 9.8% on a year-over-year basis. On average, equities analysts predict that Core & Main, Inc. will post 2.16 EPS for the current year.

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.