Core & Main, Inc. (NYSE:CNM) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its holdings in Core & Main, Inc. (NYSE: CNM) by 1.7%, now owning approximately 9.05% of the company, valued at $865 million.
• Multiple institutional investors increased their stakes in Core & Main, with Foster & Motley Inc. leading with a 44.4% increase in their holdings during the first quarter.
• Recent analyst ratings for Core & Main indicate a consensus of "Hold" with price targets ranging from $56.00 to $70.00, with an expectation of 2.16 EPS for the current year.

Vanguard Group Inc. cut its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 1.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,907,193 shares of the company's stock after selling 312,804 shares during the quarter. Vanguard Group Inc. owned about 9.05% of Core & Main worth $865,096,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. New Age Alpha Advisors LLC boosted its holdings in Core & Main by 6.7% during the 1st quarter. New Age Alpha Advisors LLC now owns 25,727 shares of the company's stock valued at $1,243,000 after acquiring an additional 1,618 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Core & Main by 24.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,326 shares of the company's stock valued at $257,000 after buying an additional 1,032 shares during the period. Alberta Investment Management Corp boosted its stake in shares of Core & Main by 18.0% in the 1st quarter. Alberta Investment Management Corp now owns 44,994 shares of the company's stock valued at $2,174,000 after buying an additional 6,876 shares during the period. Foster & Motley Inc. boosted its stake in shares of Core & Main by 44.4% in the 1st quarter. Foster & Motley Inc. now owns 41,239 shares of the company's stock valued at $1,992,000 after buying an additional 12,685 shares during the period. Finally, Natixis Advisors LLC raised its position in shares of Core & Main by 6.3% during the 1st quarter. Natixis Advisors LLC now owns 55,938 shares of the company's stock worth $2,703,000 after acquiring an additional 3,316 shares in the last quarter. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Price Performance

Shares of NYSE:CNM traded down $0.25 on Friday, hitting $64.27. The company had a trading volume of 822,499 shares, compared to its average volume of 1,972,177. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 1.23. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $65.97. The business has a 50 day moving average of $61.45 and a 200 day moving average of $54.89. The company has a market cap of $12.67 billion, a PE ratio of 29.89, a PEG ratio of 1.94 and a beta of 1.04.

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

Insider Activity

In other Core & Main news, CEO Mark R. Witkowski sold 100,000 shares of the company'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 directly owned 35,847 shares in the company, valued at $2,195,987.22. This represents a 73.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Mark G. Whittenburg sold 49,100 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $60.03, for a total value of $2,947,473.00. Following the sale, the general counsel owned 9,691 shares of the company's stock, valued at $581,750.73. This represents a 83.52% 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 in the last three months. Company insiders own 3.53% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CNM shares. JPMorgan Chase & Co. raised their target price on Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Citigroup boosted their target price on Core & Main from $56.00 to $62.00 and gave the company a "neutral" rating in a report on Tuesday, June 10th. Royal Bank Of Canada boosted their target price on Core & Main from $60.00 to $67.00 and gave the company an "outperform" rating in a report on Tuesday, June 10th. Wells Fargo & Company boosted 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. Finally, Loop Capital reaffirmed a "hold" rating and set a $68.00 price objective on shares of Core & Main in a report on Monday, July 28th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $60.00.

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.