Federated Hermes Inc. Cuts Position in Core & Main, Inc. (NYSE:CNM)

Federated Hermes Inc. reduced its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 0.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,133,291 shares of the company's stock after selling 5,055 shares during the period. Federated Hermes Inc. owned approximately 0.57% of Core & Main worth $54,749,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. FMR LLC grew its position in Core & Main by 4.1% during the 4th quarter. FMR LLC now owns 9,055,993 shares of the company's stock worth $461,041,000 after purchasing an additional 358,909 shares during the period. Invesco Ltd. grew its position in Core & Main by 0.8% during the 4th quarter. Invesco Ltd. now owns 5,926,569 shares of the company's stock worth $301,722,000 after purchasing an additional 44,513 shares during the period. Bessemer Group Inc. grew its position in Core & Main by 0.5% during the 4th quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company's stock worth $195,250,000 after purchasing an additional 20,756 shares during the period. First Trust Advisors LP grew its position in Core & Main by 38.4% during the 4th quarter. First Trust Advisors LP now owns 3,328,182 shares of the company's stock worth $169,438,000 after purchasing an additional 923,287 shares during the period. Finally, Geode Capital Management LLC grew its position in Core & Main by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 3,288,763 shares of the company's stock worth $167,483,000 after purchasing an additional 26,799 shares during the period. 94.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Royal Bank Of Canada increased their target price on shares of Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Wells Fargo & Company increased their target price on shares of Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Citigroup increased their target price on shares of 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 reissued a "hold" rating and set a $68.00 target price on shares of Core & Main in a research note on Monday. Finally, JPMorgan Chase & Co. increased their target price on shares of Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Core & Main currently has a consensus rating of "Hold" and a consensus price target of $60.00.

Core & Main Price Performance

Core & Main stock traded down $0.98 during midday trading on Friday, reaching $62.66. The company had a trading volume of 1,723,379 shares, compared to its average volume of 1,787,044. 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 firm's fifty day simple moving average is $59.94 and its 200-day simple moving average is $54.37. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $65.97. The company has a market capitalization of $12.35 billion, a P/E ratio of 29.14, a P/E/G ratio of 1.88 and a beta of 1.04.

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

Insider Activity

In other news, Director Orvin T. Kimbrough sold 23,962 shares of Core & Main stock in a transaction that occurred on 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 sale, the director owned 13,958 shares of the company's stock, valued at approximately $862,185.66. The trade was a 63.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen O. Leclair sold 44,972 shares of Core & Main stock in a transaction that occurred on 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 sale, the insider directly owned 70,736 shares in the company, valued at approximately $4,379,265.76. The trade was a 38.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 428,445 shares of company stock worth $26,045,755. 3.53% of the stock is owned by company insiders.

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.