Victory Capital Management Inc. Has $5.89 Million Stake in Core & Main, Inc. (NYSE:CNM)

Key Points

• Victory Capital Management Inc. has reduced its stake in Core & Main, Inc. by 10.8%, now holding approximately 121,904 shares valued at around $5.89 million.
• Several large investors have made significant adjustments to their positions in Core & Main, including Federated Hermes Inc., which increased its stake by 4,757.9% during the last quarter.
• Analysts have updated their price targets for Core & Main, with Wells Fargo raising its target to $70 and most analysts giving the stock a consensus rating of "Moderate Buy."

Victory Capital Management Inc. lessened its holdings in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 10.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,904 shares of the company's stock after selling 14,721 shares during the quarter. Victory Capital Management Inc. owned approximately 0.06% of Core & Main worth $5,889,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. CWM LLC increased its position in Core & Main by 34.0% in the 1st quarter. CWM LLC now owns 839 shares of the company's stock worth $41,000 after purchasing an additional 213 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Core & Main by 3.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock worth $343,000 after buying an additional 229 shares during the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of Core & Main by 2.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 10,902 shares of the company's stock valued at $527,000 after acquiring an additional 272 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in Core & Main by 30.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company's stock worth $61,000 after purchasing an additional 278 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its position in Core & Main by 1.5% during the first quarter. State of Alaska Department of Revenue now owns 22,285 shares of the company's stock worth $1,076,000 after purchasing an additional 330 shares during the period. 94.19% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Core & Main

In other news, insider Laura K. Schneider sold 45,695 shares of Core & Main stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $56.25, for a total value of $2,570,343.75. Following the completion of the transaction, the insider owned 12,873 shares in the company, valued at approximately $724,106.25. The trade was a 78.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark R. Witkowski sold 100,000 shares of the business's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $61.26, for a total value of $6,126,000.00. Following the completion of the transaction, the chief executive officer directly owned 35,847 shares in the company, valued at $2,195,987.22. The trade was a 73.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 428,445 shares of company stock valued at $26,045,755. 3.53% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CNM. Loop Capital reissued a "hold" rating and issued a $68.00 price target on shares of Core & Main in a research report on Monday. Deutsche Bank Aktiengesellschaft assumed coverage on Core & Main in a research report on Tuesday, April 1st. They issued a "buy" rating and a $60.00 price target on the stock. Royal Bank Of Canada increased their target price on 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. lifted their price target on Core & Main from $54.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Finally, Wells Fargo & Company raised their price objective on shares of Core & Main from $65.00 to $70.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Core & Main currently has an average rating of "Hold" and a consensus target price of $60.00.

Core & Main Price Performance

Shares of CNM traded down $0.46 during mid-day trading on Wednesday, reaching $64.61. The company had a trading volume of 2,040,087 shares, compared to its average volume of 1,649,650. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.96 and a quick ratio of 1.10. The company has a market capitalization of $12.74 billion, a P/E ratio of 30.05, a P/E/G ratio of 1.92 and a beta of 1.04. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $65.97. The company's 50-day moving average is $59.54 and its 200-day moving average is $54.23.

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 analysts' consensus estimates of $0.52. Core & Main had a return on equity of 23.55% and a net margin of 5.47%. The company had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.84 billion. During the same period last year, the business earned $0.49 earnings per share. The business's revenue was up 9.8% on a year-over-year basis. On average, equities analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current year.

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.