Wedge Capital Management L L P NC Cuts Stock Position in Core & Main, Inc. (NYSE:CNM)

Wedge Capital Management L L P NC lowered its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 5.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 201,881 shares of the company's stock after selling 11,390 shares during the quarter. Wedge Capital Management L L P NC owned about 0.10% of Core & Main worth $9,753,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CNM. Charles Schwab Investment Management Inc. increased its stake in Core & Main by 7.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,666,765 shares of the company's stock valued at $84,855,000 after acquiring an additional 122,240 shares during the last quarter. Impax Asset Management Group plc grew its stake in shares of Core & Main by 70.4% in the fourth quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company's stock worth $174,661,000 after purchasing an additional 1,416,907 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Core & Main by 4,757.9% in the 4th quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company's stock valued at $57,953,000 after buying an additional 1,114,913 shares during the last quarter. Vanguard Group Inc. increased its position in Core & Main by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company's stock valued at $927,580,000 after purchasing an additional 221,970 shares during the period. Finally, Asset Management One Co. Ltd. raised its stake in Core & Main by 13.1% during the fourth quarter. Asset Management One Co. Ltd. now owns 65,284 shares of the company's stock worth $3,331,000 after buying an additional 7,565 shares during the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Core & Main

In other Core & Main news, CAO John Weldon Stephens sold 41,963 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the sale, the chief accounting officer now directly owns 4,120 shares of the company's stock, valued at approximately $207,977.60. This represents a 91.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Mark G. Whittenburg sold 900 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $60.03, for a total transaction of $54,027.00. Following the completion of the sale, the general counsel now owns 9,691 shares of the company's stock, valued at approximately $581,750.73. This trade represents a 8.50% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 157,666 shares of company stock valued at $8,770,352 over the last ninety days. 3.53% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CNM has been the subject of a number of research analyst reports. Citigroup lifted their target price on Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a report on Tuesday. Loop Capital lifted their price objective on shares of Core & Main from $63.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday. Robert W. Baird dropped their target price on shares of Core & Main from $66.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a research note on Tuesday, April 1st. They set a "buy" rating and a $60.00 target price on the stock. Finally, Royal Bank of Canada lifted 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $59.55.

Core & Main Stock Down 1.3%

Shares of Core & Main stock traded down $0.73 during trading hours on Thursday, reaching $56.70. The company's stock had a trading volume of 2,297,457 shares, compared to its average volume of 2,298,827. The company has a market capitalization of $11.22 billion, a P/E ratio of 26.62, a P/E/G ratio of 2.61 and a beta of 1.02. The stock's fifty day simple moving average is $52.49 and its two-hundred day simple moving average is $51.88. Core & Main, Inc. has a one year low of $37.22 and a one year high of $60.38. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. The business had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.84 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.49 EPS. On average, research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current year.

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.