Townsquare Capital LLC Buys New Shares in Core & Main, Inc. $CNM

Key Points

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Townsquare Capital LLC bought a new stake in Core & Main, Inc. (NYSE:CNM - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,779 shares of the company's stock, valued at approximately $327,000.

A number of other institutional investors have also added to or reduced their stakes in CNM. Cambridge Investment Research Advisors Inc. boosted its position in Core & Main by 3.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after buying an additional 229 shares during the period. Truist Financial Corp boosted its position in Core & Main by 21.2% during the first quarter. Truist Financial Corp now owns 705,339 shares of the company's stock valued at $34,075,000 after buying an additional 123,494 shares during the period. Envestnet Asset Management Inc. boosted its position in Core & Main by 6.3% during the first quarter. Envestnet Asset Management Inc. now owns 159,896 shares of the company's stock valued at $7,725,000 after buying an additional 9,473 shares during the period. Perpetual Ltd boosted its position in Core & Main by 12.4% during the first quarter. Perpetual Ltd now owns 223,671 shares of the company's stock valued at $10,806,000 after buying an additional 24,610 shares during the period. Finally, New York State Teachers Retirement System boosted its position in Core & Main by 53.7% during the first quarter. New York State Teachers Retirement System now owns 86,679 shares of the company's stock valued at $4,187,000 after buying an additional 30,286 shares during the period. Institutional investors own 94.19% of the company's stock.

Core & Main Stock Performance

Core & Main stock opened at $64.84 on Tuesday. 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 firm has a 50-day moving average of $61.65 and a 200-day moving average of $54.97. The firm has a market cap of $12.78 billion, a P/E ratio of 30.16, a P/E/G ratio of 1.89 and a beta of 1.04. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $65.97.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $1.84 billion. During the same period last year, the business posted $0.49 earnings per share. Core & Main's quarterly revenue was up 9.8% compared to the same quarter last year. Sell-side analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Insiders Place Their Bets

In other Core & Main news, insider Stephen O. Leclair sold 44,972 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $61.91, for a total value of $2,784,216.52. Following the completion of the sale, the insider directly owned 70,736 shares in the company, valued at $4,379,265.76. This trade represents a 38.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Mark R. Witkowski sold 100,000 shares of the firm's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the completion of the sale, the chief executive officer owned 35,847 shares of the company's stock, valued at $2,195,987.22. This trade represents a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 428,445 shares of company stock valued at $26,045,755 over the last ninety days. 3.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on CNM shares. 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 report on Tuesday, May 27th. 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 report on Tuesday, June 10th. Loop Capital restated a "hold" rating and set a $68.00 price target on shares of Core & Main in a research report on Monday, July 28th. 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 report on Tuesday, July 8th. Finally, 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 report on Tuesday, June 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $60.00.

Core & Main 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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