Foster & Motley Inc. Purchases 12,685 Shares of Core & Main, Inc. (NYSE:CNM)

Key Points

• Foster & Motley Inc. increased its ownership in Core & Main by 44.4%, acquiring an additional 12,685 shares to total 41,239 shares, valued at approximately $1,992,000 as of its latest SEC filing.
• Several hedge funds have also adjusted their positions in Core & Main, with notable increases from LPL Financial and Schroder Investment Management, reflecting a strong interest among institutional investors, who now hold 94.19% of the stock.
• Wall Street analysts have expressed a generally positive outlook, with multiple price target increases, suggesting a consensus average target of $60.00 and rating the stock predominantly as a "hold," with some recommending "buy" ratings.

Foster & Motley Inc. increased its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 44.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,239 shares of the company's stock after purchasing an additional 12,685 shares during the quarter. Foster & Motley Inc.'s holdings in Core & Main were worth $1,992,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Parallel Advisors LLC increased its holdings in shares of Core & Main by 447.1% during the first quarter. Parallel Advisors LLC now owns 651 shares of the company's stock worth $31,000 after buying an additional 532 shares in the last quarter. Rossby Financial LCC acquired a new stake in shares of Core & Main during the first quarter valued at about $37,000. CWM LLC increased its stake in shares of Core & Main by 34.0% in the first quarter. CWM LLC now owns 839 shares of the company's stock valued at $41,000 after buying an additional 213 shares during the period. Versant Capital Management Inc raised its holdings in Core & Main by 1,491.8% in the 1st quarter. Versant Capital Management Inc now owns 1,162 shares of the company's stock valued at $56,000 after buying an additional 1,089 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its position in Core & Main by 30.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock worth $61,000 after buying an additional 278 shares during the period. Institutional investors own 94.19% of the company's stock.

Core & Main Stock Up 1.2%

Shares of CNM traded up $0.77 during trading hours on Monday, reaching $63.45. The stock had a trading volume of 547,599 shares, compared to its average volume of 1,986,830. The firm has a 50-day simple moving average of $59.94 and a 200 day simple moving average of $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 current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23. The company has a market capitalization of $12.51 billion, a price-to-earnings ratio of 29.54, a P/E/G ratio of 1.85 and a beta of 1.04.

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

Insider Transactions at Core & Main

In other Core & Main news, insider Stephen O. Leclair sold 80,028 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $62.27, for a total value of $4,983,343.56. Following the transaction, the insider directly owned 70,736 shares in the company, valued at $4,404,730.72. The trade was a 53.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James G. Castellano sold 43,994 shares of Core & Main stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $61.98, for a total transaction of $2,726,748.12. Following the completion of the sale, the director directly owned 4,638 shares in the company, valued at $287,463.24. This trade represents a 90.46% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 428,445 shares of company stock worth $26,045,755. Company insiders own 3.53% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on CNM shares. Royal Bank Of Canada raised their target price on Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 10th. 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 research note on Tuesday, May 27th. Loop Capital restated a "hold" rating and set a $68.00 price target on shares of Core & Main in a report on Monday, July 28th. Wells Fargo & Company increased their price objective on shares of Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Citigroup boosted 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Core & Main currently has an average rating of "Hold" and a consensus price target of $60.00.

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.