Two Sigma Advisers LP Cuts Stock Position in Core & Main, Inc. (NYSE:CNM)

Two Sigma Advisers LP reduced its position in Core & Main, Inc. (NYSE:CNM - Free Report) by 7.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,400 shares of the company's stock after selling 8,000 shares during the quarter. Two Sigma Advisers LP's holdings in Core & Main were worth $4,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE raised its stake in Core & Main by 12.3% during the 4th quarter. US Bancorp DE now owns 1,795 shares of the company's stock valued at $91,000 after purchasing an additional 197 shares during the period. Avior Wealth Management LLC grew its holdings in Core & Main by 51.3% during the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company's stock valued at $41,000 after buying an additional 271 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in Core & Main by 30.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock valued at $61,000 after buying an additional 278 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Core & Main by 5.1% during the fourth quarter. CIBC Asset Management Inc now owns 5,871 shares of the company's stock valued at $299,000 after buying an additional 287 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Core & Main by 0.6% in the fourth quarter. Arizona State Retirement System now owns 55,910 shares of the company's stock worth $2,846,000 after buying an additional 360 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Core & Main Stock Performance

CNM traded down $0.27 during trading on Friday, reaching $54.47. 199,665 shares of the company's stock were exchanged, compared to its average volume of 2,327,433. The company's fifty day simple moving average is $50.87 and its 200-day simple moving average is $51.00. The stock has a market capitalization of $10.78 billion, a P/E ratio of 25.63, a price-to-earnings-growth ratio of 2.61 and a beta of 1.04. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. Core & Main, Inc. has a 1 year low of $37.22 and a 1 year high of $58.29.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the business posted $0.34 EPS. The firm's quarterly revenue was up 17.9% compared to the same quarter last year. As a group, research analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Insider Activity at Core & Main

In other Core & Main news, CAO John Weldon Stephens sold 10,214 shares of the company's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $53.02, for a total value of $541,546.28. Following the transaction, the chief accounting officer now owns 4,120 shares of the company's stock, valued at $218,442.40. This represents a 71.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP John R. Schaller sold 21,868 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the transaction, the executive vice president now directly owns 16,452 shares of the company's stock, valued at approximately $770,282.64. This trade represents a 57.07% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,045 shares of company stock valued at $3,683,698. 3.53% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a report on Tuesday, April 1st. They issued a "buy" rating and a $60.00 target price for the company. Wells Fargo & Company increased their target price on Core & Main from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 4th. Robert W. Baird dropped their price objective on Core & Main from $66.00 to $65.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 26th. Royal Bank of Canada reduced their price target on shares of Core & Main from $62.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, March 26th. 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 note on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Core & Main currently has a consensus rating of "Moderate Buy" and an average target price of $57.91.

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.