Zurcher Kantonalbank Zurich Cantonalbank Has $70.21 Million Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Key Points

• Zurcher Kantonalbank increased its stake in Core & Main, Inc. by 2.0% in Q1, owning approximately 1.45 million shares, valued at $70.2 million.
• Insider selling was notable, with General Counsel Mark G. Whittenburg and CEO Mark R. Witkowski reducing their shares significantly, indicating a potential lack of confidence from company leadership.
• Core & Main reported a revenue increase of 9.8% year-over-year for the recent quarter, with EPS matching analysts' expectations at $0.52.

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 2.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,453,304 shares of the company's stock after acquiring an additional 28,089 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.73% of Core & Main worth $70,209,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. grew its holdings in Core & Main by 3.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 7,106 shares of the company's stock valued at $343,000 after purchasing an additional 229 shares in the last quarter. Truist Financial Corp increased its position in shares of Core & Main by 21.2% during the first quarter. Truist Financial Corp now owns 705,339 shares of the company's stock worth $34,075,000 after acquiring an additional 123,494 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in Core & Main by 6.3% in the first quarter. Envestnet Asset Management Inc. now owns 159,896 shares of the company's stock valued at $7,725,000 after purchasing an additional 9,473 shares during the last quarter. Perpetual Ltd grew its stake in Core & Main by 12.4% during the 1st quarter. Perpetual Ltd now owns 223,671 shares of the company's stock valued at $10,806,000 after purchasing an additional 24,610 shares in the last quarter. Finally, New York State Teachers Retirement System increased its holdings in Core & Main by 53.7% during the 1st quarter. New York State Teachers Retirement System now owns 86,679 shares of the company's stock worth $4,187,000 after purchasing an additional 30,286 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Price Performance

Shares of Core & Main stock traded up $0.16 on Wednesday, hitting $65.23. The company had a trading volume of 710,889 shares, compared to its average volume of 1,980,374. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $65.97. The company has a market cap of $12.86 billion, a PE ratio of 30.35, a PEG ratio of 1.94 and a beta of 1.04. The business has a 50-day simple moving average of $59.30 and a 200-day simple moving average of $54.15. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.96 and a quick ratio of 1.10.

Core & Main (NYSE:CNM - Get Free Report) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.52 earnings per share 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 during the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the prior year, the firm posted $0.49 earnings per share. The company's revenue was up 9.8% on a year-over-year basis. Research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Core & Main from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Loop Capital restated a "hold" rating and issued a $68.00 target price on shares of Core & Main in a research note on Monday. Royal Bank Of Canada lifted their price target on Core & Main from $60.00 to $67.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 10th. Deutsche Bank Aktiengesellschaft assumed coverage on Core & Main in a research note on Tuesday, April 1st. They set a "buy" rating and a $60.00 price objective on the stock. Finally, Citigroup lifted their target price on Core & Main from $56.00 to $62.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $60.00.

Insider Buying and Selling

In other news, insider Stephen O. Leclair sold 80,028 shares of the firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $62.27, for a total transaction of $4,983,343.56. Following the completion of the sale, the insider directly owned 70,736 shares of the company's stock, valued at $4,404,730.72. This trade represents a 53.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Mark G. Whittenburg sold 49,100 shares of the company's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $60.03, for a total value of $2,947,473.00. Following the sale, the general counsel directly owned 9,691 shares of the company's stock, valued at approximately $581,750.73. This represents a 83.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 428,445 shares of company stock worth $26,045,755. 3.53% of the stock is owned by insiders.

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.