Oak Thistle LLC Sells 26,772 Shares of Core & Main, Inc. (NYSE:CNM)

Key Points

• Oak Thistle LLC has significantly reduced its stake in Core & Main, Inc. by 84.2%, selling 26,772 shares and now holding just 5,015 shares valued at $242,000.
• Several other hedge funds have increased their positions in Core & Main, with Parallel Advisors LLC raising its holdings by 447.1% during the same period.
• Core & Main reported $1.91 billion in revenue for the quarter, exceeding analyst expectations, alongside a consistent earnings per share of $0.52 matching consensus estimates.

Oak Thistle LLC cut its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 84.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,015 shares of the company's stock after selling 26,772 shares during the quarter. Oak Thistle LLC's holdings in Core & Main were worth $242,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CNM. Vanguard Group Inc. lifted its holdings in shares of Core & Main by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company's stock valued at $927,580,000 after purchasing an additional 221,970 shares in the last quarter. FMR LLC lifted its stake in Core & Main by 4.1% during the 4th quarter. FMR LLC now owns 9,055,993 shares of the company's stock valued at $461,041,000 after acquiring an additional 358,909 shares during the period. Invesco Ltd. lifted its stake in Core & Main by 0.8% during the 4th quarter. Invesco Ltd. now owns 5,926,569 shares of the company's stock valued at $301,722,000 after acquiring an additional 44,513 shares during the period. Bessemer Group Inc. lifted its stake in Core & Main by 0.5% during the 4th quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company's stock valued at $195,250,000 after acquiring an additional 20,756 shares during the period. Finally, First Trust Advisors LP lifted its position in 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 purchasing an additional 923,287 shares during the period. 94.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Citigroup increased their price objective on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a research report on Tuesday, June 10th. Loop Capital reissued a "hold" rating and set a $68.00 price target on shares of Core & Main in a report on Monday. JPMorgan Chase & Co. increased their price target on Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a report on Tuesday, April 1st. They issued a "buy" rating and a $60.00 target price on the stock. Finally, Wells Fargo & Company increased their target price on Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $60.00.

Core & Main Stock Performance

Shares of NYSE CNM traded down $0.46 during trading on Tuesday, hitting $65.15. The company had a trading volume of 193,769 shares, compared to its average volume of 1,980,871. The stock has a 50 day simple moving average of $59.07 and a 200 day simple moving average of $54.08. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.10 and a current ratio of 1.96. Core & Main, Inc. has a 12 month low of $37.22 and a 12 month high of $65.97. The firm has a market capitalization of $12.84 billion, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 1.94 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 EPS 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 company had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.84 billion. During the same quarter last year, the business earned $0.49 EPS. The firm's revenue was up 9.8% compared to the same quarter last year. As a group, analysts anticipate that Core & Main, Inc. will post 2.16 earnings per share for the current year.

Insider Activity

In related news, 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 sale, the director owned 4,638 shares of the company's stock, valued at approximately $287,463.24. This trade represents a 90.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robyn L. Bradbury sold 5,000 shares of Core & Main stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $64.51, for a total value of $322,550.00. Following the sale, the chief financial officer directly owned 8,555 shares in the company, valued at $551,883.05. This trade represents a 36.89% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 428,445 shares of company stock worth $26,045,755. 3.53% of the stock is currently owned by 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.