Congruence Capital LLC Invests $13.48 Million in Core & Main, Inc. $CNM

Key Points

• Congruence Capital LLC initiated a new position in Core & Main, buying 259,427 shares worth about $13.48 million. The stake makes CNM roughly 5% of the fund’s portfolio and its 9th-largest holding.
• Core & Main continues to draw heavy institutional interest, with 94.19% of shares held by hedge funds and other institutions. Several smaller funds also recently added or initiated positions in the stock.
• Analysts remain broadly positive on CNM, with a consensus rating of “Moderate Buy” and a target price of $57.73. The company also recently posted quarterly EPS of $0.72, beating estimates by $0.19.

Congruence Capital LLC bought a new stake in Core & Main, Inc. (NYSE:CNM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 259,427 shares of the company's stock, valued at approximately $13,482,000. Core & Main comprises approximately 5.0% of Congruence Capital LLC's portfolio, making the stock its 9th largest position. Congruence Capital LLC owned about 0.13% of Core & Main as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CNM. EverSource Wealth Advisors LLC increased its stake in Core & Main by 145.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after purchasing an additional 269 shares during the period. TD Waterhouse Canada Inc. purchased a new stake in shares of Core & Main during the fourth quarter valued at approximately $26,000. Whittier Trust Co. bought a new position in shares of Core & Main in the fourth quarter worth approximately $28,000. Cubist Systematic Strategies LLC increased its stake in shares of Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock worth $35,000 after buying an additional 524 shares during the period. Finally, Quarry LP purchased a new position in shares of Core & Main in the fourth quarter worth $38,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CNM. Citigroup cut their price target on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday. Barclays dropped their price objective on Core & Main from $63.00 to $62.00 and set an "overweight" rating for the company in a report on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft reduced their target price on Core & Main from $65.00 to $62.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $24.00 target price on shares of Core & Main in a report on Thursday. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Core & Main presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.73.

Insider Transactions at Core & Main

In related news, CFO Robyn L. Bradbury sold 5,000 shares of the company's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $52.54, for a total value of $262,700.00. Following the transaction, the chief financial officer owned 12,500 shares in the company, valued at $656,750. The trade was a 28.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope acquired 1,972 shares of the business's stock in a transaction that occurred on Tuesday, April 7th. The shares were purchased at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the transaction, the director directly owned 6,939 shares in the company, valued at $351,807.30. The trade was a 39.70% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 1.51% of the company's stock.

Core & Main Stock Performance

Core & Main stock opened at $48.12 on Friday. Core & Main, Inc. has a twelve month low of $43.96 and a twelve month high of $67.18. The company has a quick ratio of 1.51, a current ratio of 2.31 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $9.37 billion, a P/E ratio of 20.39, a PEG ratio of 1.74 and a beta of 0.91. The stock's 50 day moving average is $49.79 and its 200 day moving average is $52.08.

Core & Main (NYSE:CNM - Get Free Report) last released its earnings results on Wednesday, June 10th. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.53 by $0.19. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the company posted $0.52 earnings per share. The company's revenue for the quarter was down .1% compared to the same quarter last year. On average, equities research analysts predict that Core & Main, Inc. will post 3.06 earnings per share for the current fiscal year.

About Core & Main

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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