Trigran Investments Inc. Grows Stock Holdings in Core & Main, Inc. $CNM

Key Points

• Trigran Investments boosted its stake in Core & Main by 275.9% in the fourth quarter, ending with 84,661 shares valued at about $4.4 million. The stock now accounts for 0.9% of Trigran’s portfolio.
• Core & Main recently posted better-than-expected quarterly results, reporting EPS of $0.72 versus estimates of $0.53 and revenue of $1.91 billion versus $1.89 billion expected. Revenue was essentially flat year over year, but profit growth remained strong.
• Insider activity was mixed: Director James D. Hope bought shares, while CFO Robyn L. Bradbury sold 5,000 shares under a pre-arranged trading plan. Analysts currently rate the stock a Moderate Buy with an average price target of $57.73.

Trigran Investments Inc. increased its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 275.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 84,661 shares of the company's stock after buying an additional 62,136 shares during the period. Core & Main comprises 0.9% of Trigran Investments Inc.'s portfolio, making the stock its 15th largest holding. Trigran Investments Inc.'s holdings in Core & Main were worth $4,400,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company's stock worth $27,000 after buying an additional 269 shares in the last quarter. TD Waterhouse Canada Inc. purchased a new stake in shares of Core & Main in the fourth quarter valued at about $26,000. Whittier Trust Co. purchased a new stake in shares of Core & Main in the fourth quarter valued at about $28,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company's stock valued at $35,000 after purchasing an additional 524 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Core & Main in the fourth quarter valued at about $38,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Insiders Place Their Bets

In other Core & Main news, Director James D. Hope acquired 1,972 shares of the firm's stock in a transaction dated Tuesday, April 7th. The shares were acquired at an average price of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the acquisition, the director directly owned 6,939 shares of the company's stock, valued at $351,807.30. This trade represents a 39.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the firm's stock in a transaction on Friday, April 17th. The stock was sold at an average price of $52.54, for a total value of $262,700.00. Following the sale, the chief financial officer owned 12,500 shares in the company, valued at $656,750. This trade represents a 28.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.51% of the company's stock.

Core & Main Stock Down 0.4%

Shares of NYSE CNM opened at $48.12 on Monday. The firm's 50-day moving average is $49.79 and its two-hundred day moving average is $52.13. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.31 and a quick ratio of 1.31. The company has a market capitalization of $9.37 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 1.68 and a beta of 0.91. Core & Main, Inc. has a 12-month low of $43.96 and a 12-month high of $67.18.

Core & Main (NYSE:CNM - Get Free Report) last posted its quarterly earnings data on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.19. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. Core & Main had a net margin of 5.87% and a return on equity of 26.17%. The company's revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 earnings per share. Equities analysts anticipate that Core & Main, Inc. will post 3.06 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on CNM shares. Citigroup reduced their price target on shares of Core & Main from $54.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Core & Main from $65.00 to $62.00 and set a "buy" rating on the stock in a report on Wednesday, March 25th. Barclays reduced their price target on shares of Core & Main from $63.00 to $62.00 and set an "overweight" rating on the stock in a report on Wednesday, March 25th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $24.00 price target on shares of Core & Main in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $57.73.

About Core & Main

Core & Main, Inc NYSE: CNM is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company's product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.

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