Mackenzie Financial Corp Raises Position in Core & Main, Inc. (NYSE:CNM)

Key Points

• Mackenzie Financial Corp increased its stake in Core & Main, Inc. by 39.6% during the 1st quarter, owning approximately 0.32% of the company, worth $30 million.
• Insiders, including CEO Mark R. Witkowski and insider Stephen O. Leclair, sold a total of 428,445 shares within the last ninety days, reflecting significant decreases in their ownership positions.
• The stock has a 52-week trading range from $37.22 to $65.97, and Core & Main reported quarterly earnings of $0.52 EPS, meeting consensus estimates with revenue exceeding projections at $1.91 billion.

Mackenzie Financial Corp boosted its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 39.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 626,340 shares of the company's stock after buying an additional 177,538 shares during the quarter. Mackenzie Financial Corp owned approximately 0.32% of Core & Main worth $30,258,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CNM. Norges Bank acquired a new position in shares of Core & Main during the fourth quarter valued at about $99,734,000. Jennison Associates LLC acquired a new position in shares of Core & Main during the first quarter valued at about $54,742,000. Federated Hermes Inc. raised its holdings in shares of Core & Main by 4,757.9% during the fourth quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company's stock valued at $57,953,000 after purchasing an additional 1,114,913 shares during the period. Artemis Investment Management LLP raised its holdings in shares of Core & Main by 109.6% during the first quarter. Artemis Investment Management LLP now owns 1,791,935 shares of the company's stock valued at $86,568,000 after purchasing an additional 936,863 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Core & Main by 38.4% during the fourth quarter. First Trust Advisors LP now owns 3,328,182 shares of the company's stock valued at $169,438,000 after buying an additional 923,287 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

Insider Activity at Core & Main

In related news, insider Stephen O. Leclair sold 44,972 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $61.91, for a total transaction of $2,784,216.52. Following the transaction, the insider owned 70,736 shares in the company, valued at $4,379,265.76. The trade was a 38.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Orvin T. Kimbrough sold 23,962 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $61.77, for a total transaction of $1,480,132.74. Following the transaction, the director owned 13,958 shares in the company, valued at $862,185.66. This represents a 63.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 428,445 shares of company stock valued at $26,045,755 in the last quarter. 3.53% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

Core & Main Price Performance

Shares of CNM traded down $0.98 during midday trading on Friday, reaching $62.66. The stock had a trading volume of 1,723,379 shares, compared to its average volume of 1,787,044. The company has a market capitalization of $12.35 billion, a price-to-earnings ratio of 29.14, a price-to-earnings-growth ratio of 1.85 and a beta of 1.04. The company's 50-day moving average is $59.94 and its 200 day moving average is $54.37. 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.

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 firm 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%. The company's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 earnings per share. On average, equities analysts predict that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

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.