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Bank of New York Mellon Corp Cuts Stock Position in Core & Main, Inc. (NYSE:CNM)

Core & Main logo with Industrials background

Bank of New York Mellon Corp cut its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 1.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,207,849 shares of the company's stock after selling 23,767 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.61% of Core & Main worth $58,351,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Parallel Advisors LLC boosted its stake in Core & Main by 447.1% during the first quarter. Parallel Advisors LLC now owns 651 shares of the company's stock valued at $31,000 after buying an additional 532 shares during the last quarter. Rossby Financial LCC bought a new position in shares of Core & Main during the 1st quarter valued at approximately $37,000. Versant Capital Management Inc grew its holdings in shares of Core & Main by 1,491.8% in the first quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock valued at $56,000 after purchasing an additional 1,089 shares in the last quarter. Quadrant Capital Group LLC increased its position in Core & Main by 30.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock worth $61,000 after purchasing an additional 278 shares during the last quarter. Finally, Ancora Advisors LLC purchased a new stake in Core & Main during the fourth quarter valued at $75,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Core & Main

In other news, CFO Robyn L. Bradbury sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $60.49, for a total value of $1,512,250.00. Following the completion of the sale, the chief financial officer owned 8,555 shares of the company's stock, valued at approximately $517,491.95. This represents a 74.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Mark G. Whittenburg sold 49,100 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $60.03, for a total transaction of $2,947,473.00. Following the completion of the transaction, the general counsel directly owned 9,691 shares of the company's stock, valued at $581,750.73. This trade represents a 83.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 265,703 shares of company stock worth $15,931,870 over the last quarter. Corporate insiders own 3.53% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CNM shares. Citigroup boosted their target price on shares of Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Deutsche Bank Aktiengesellschaft began coverage on Core & Main in a research note on Tuesday, April 1st. They set a "buy" rating and a $60.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Royal Bank Of Canada boosted their target price on Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Tuesday, June 10th. Finally, Robert W. Baird lowered their price target on Core & Main from $66.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Core & Main currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Get Our Latest Stock Report on Core & Main

Core & Main Trading Up 0.7%

CNM stock traded up $0.40 during trading on Wednesday, hitting $60.50. The company had a trading volume of 1,678,532 shares, compared to its average volume of 2,289,212. The firm has a market capitalization of $11.93 billion, a P/E ratio of 28.14, a PEG ratio of 1.81 and a beta of 1.04. The company has a 50 day simple moving average of $57.08 and a 200-day simple moving average of $53.27. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $63.25. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 1.23.

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

About Core & Main

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Core & Main (NYSE:CNM)

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