Polen Capital Management LLC Sells 10,784 Shares of Core & Main, Inc. (NYSE:CNM)

Key Points

• Polen Capital Management LLC has reduced its stake in Core & Main, Inc. by 7.9%, selling 10,784 shares and now owning 124,953 shares valued at $6,036,000.
• Core & Main reported earnings of $0.52 per share, matching analysts' expectations, with a revenue of $1.91 billion for the last quarter, marking a 9.8% year-over-year increase.
• Insider activity shows significant sales, including CEO Mark R. Witkowski selling 100,000 shares valued at over $6 million, and over 428,000 shares sold by insiders in the past three months.

Polen Capital Management LLC reduced its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 7.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,953 shares of the company's stock after selling 10,784 shares during the quarter. Polen Capital Management LLC owned 0.06% of Core & Main worth $6,036,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNM. Townsquare Capital LLC acquired a new position in shares of Core & Main in the first quarter valued at $327,000. Altfest L J & Co. Inc. increased its holdings in shares of Core & Main by 43.3% in the first quarter. Altfest L J & Co. Inc. now owns 7,217 shares of the company's stock valued at $349,000 after purchasing an additional 2,179 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Core & Main by 6.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,781,525 shares of the company's stock valued at $86,065,000 after purchasing an additional 114,760 shares during the last quarter. New Age Alpha Advisors LLC increased its holdings in shares of Core & Main by 6.7% in the first quarter. New Age Alpha Advisors LLC now owns 25,727 shares of the company's stock valued at $1,243,000 after purchasing an additional 1,618 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Core & Main by 24.0% in the first quarter. PNC Financial Services Group Inc. now owns 5,326 shares of the company's stock valued at $257,000 after purchasing an additional 1,032 shares during the last quarter. 94.19% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Mark R. Witkowski sold 100,000 shares of the firm's stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $61.26, for a total value of $6,126,000.00. Following the sale, the chief executive officer directly owned 35,847 shares in the company, valued at approximately $2,195,987.22. This trade represents a 73.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Orvin T. Kimbrough sold 23,962 shares of the firm's 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 completion of the sale, the director owned 13,958 shares in the company, valued at approximately $862,185.66. The trade was a 63.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 428,445 shares of company stock valued at $26,045,755. Company insiders own 3.53% of the company's stock.

Core & Main Trading Down 0.2%

Shares of Core & Main stock opened at $63.95 on Friday. The company has a market capitalization of $12.61 billion, a price-to-earnings ratio of 29.74, a PEG ratio of 1.89 and a beta of 1.04. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 1.23. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $65.97. The firm's 50-day moving average price is $60.89 and its two-hundred day moving average price is $54.65.

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

Wall Street Analyst Weigh In

CNM has been the topic of several research reports. Royal Bank Of Canada upped their price target on shares of Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Tuesday, June 10th. JPMorgan Chase & Co. upped their price target on shares of Core & Main from $54.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Wells Fargo & Company upped their price target on shares of Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Citigroup upped their price target on shares of Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Finally, Loop Capital restated a "hold" rating and issued a $68.00 price target on shares of Core & Main in a research note on Monday, July 28th. One equities research 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. According to MarketBeat, Core & Main currently has a consensus rating of "Hold" and an average price target of $60.00.

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.

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