Man Group plc Sells 21,972 Shares of Core & Main, Inc. (NYSE:CNM)

Man Group plc reduced its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 48.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,141 shares of the company's stock after selling 21,972 shares during the period. Man Group plc's holdings in Core & Main were worth $1,178,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of CNM. Vanguard Group Inc. boosted its holdings in shares of Core & Main by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company's stock worth $927,580,000 after acquiring an additional 221,970 shares in the last quarter. FMR LLC lifted its stake in shares of Core & Main by 4.1% in the 4th quarter. FMR LLC now owns 9,055,993 shares of the company's stock valued at $461,041,000 after purchasing an additional 358,909 shares during the period. Invesco Ltd. lifted its stake in shares of Core & Main by 0.8% in the 4th quarter. Invesco Ltd. now owns 5,926,569 shares of the company's stock valued at $301,722,000 after purchasing an additional 44,513 shares during the period. Bessemer Group Inc. increased its position in shares of Core & Main by 0.5% in the 4th quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company's stock valued at $195,250,000 after buying an additional 20,756 shares in the last quarter. Finally, Royal London Asset Management Ltd. increased its position in shares of Core & Main by 1.3% in the 4th quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company's stock valued at $194,005,000 after buying an additional 48,833 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO John Weldon Stephens sold 41,963 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the sale, the chief accounting officer now directly owns 4,120 shares of the company's stock, valued at $207,977.60. This trade represents a 91.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John R. Schaller sold 21,868 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $46.82, for a total value of $1,023,859.76. Following the sale, the executive vice president now owns 16,452 shares of the company's stock, valued at approximately $770,282.64. This represents a 57.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,045 shares of company stock valued at $3,683,698 over the last three months. Insiders own 3.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a research report on Tuesday, April 1st. They issued a "buy" rating and a $60.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a research report on Tuesday. Royal Bank of Canada lowered their price objective on shares of Core & Main from $62.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday, March 26th. Wells Fargo & Company upped their price objective on shares of Core & Main from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, February 4th. Finally, Robert W. Baird lowered their target price on Core & Main from $66.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $57.91.

Core & Main Stock Down 0.3%

Shares of NYSE:CNM traded down $0.16 during midday trading on Thursday, reaching $54.52. The company had a trading volume of 1,380,729 shares, compared to its average volume of 1,867,302. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The business's 50 day moving average price is $50.76 and its 200 day moving average price is $50.92. The stock has a market cap of $10.79 billion, a PE ratio of 25.59, a P/E/G ratio of 2.61 and a beta of 1.04. 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 earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the firm posted $0.34 EPS. Core & Main's revenue was up 17.9% compared to the same quarter last year. Research analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

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.