First Trust Advisors LP Grows Stock Holdings in Core & Main, Inc. (NYSE:CNM)

First Trust Advisors LP raised its position in shares of Core & Main, Inc. (NYSE:CNM) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,403,921 shares of the company’s stock after purchasing an additional 66,575 shares during the period. First Trust Advisors LP owned approximately 1.11% of Core & Main worth $97,142,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Core & Main in the 3rd quarter valued at about $28,000. Quadrant Capital Group LLC lifted its stake in shares of Core & Main by 74.5% in the 4th quarter. Quadrant Capital Group LLC now owns 855 shares of the company’s stock valued at $35,000 after acquiring an additional 365 shares during the last quarter. Kepos Capital LP bought a new stake in shares of Core & Main in the 3rd quarter valued at about $41,000. GAMMA Investing LLC bought a new stake in shares of Core & Main in the 4th quarter valued at about $41,000. Finally, Principal Securities Inc. bought a new stake in shares of Core & Main in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Insider Activity

In other news, CFO Mark R. Witkowski sold 50,000 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the transaction, the chief financial officer now directly owns 23,898 shares of the company’s stock, valued at approximately $1,421,931. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO John Weldon Stephens sold 5,503 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $54.23, for a total value of $298,427.69. Following the transaction, the chief accounting officer now directly owns 4,281 shares of the company’s stock, valued at approximately $232,158.63. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Mark R. Witkowski sold 50,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $59.50, for a total value of $2,975,000.00. Following the completion of the transaction, the chief financial officer now directly owns 23,898 shares in the company, valued at $1,421,931. The disclosure for this sale can be found here. Insiders have sold 273,900 shares of company stock valued at $15,387,095 in the last ninety days. 3.49% of the stock is currently owned by company insiders.

Core & Main Stock Up 0.2 %

Shares of Core & Main stock traded up $0.10 during midday trading on Wednesday, hitting $48.08. The company had a trading volume of 849,777 shares, compared to its average volume of 2,578,642. The company has a 50 day moving average of $57.75 and a 200 day moving average of $48.00. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.30 and a current ratio of 2.29. Core & Main, Inc. has a 52-week low of $27.06 and a 52-week high of $62.15. The stock has a market capitalization of $9.68 billion, a P/E ratio of 22.86, a P/E/G ratio of 1.73 and a beta of 1.12.

Core & Main (NYSE:CNM) last issued its earnings results on Tuesday, June 4th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). Core & Main had a net margin of 5.54% and a return on equity of 18.22%. The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the business posted $0.50 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts predict that Core & Main, Inc. will post 2.59 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on CNM. Barclays upped their price target on Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, March 20th. Truist Financial lowered their price target on Core & Main from $56.00 to $50.00 and set a “hold” rating for the company in a research report on Wednesday. Royal Bank of Canada upped their target price on Core & Main from $59.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. The Goldman Sachs Group upped their target price on Core & Main from $42.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. Finally, JPMorgan Chase & Co. upped their target price on Core & Main from $38.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.08.

Core & Main Profile

Core & Main, Inc distributes water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the municipal, non-residential, and residential end markets in the United States. Its products portfolio include pipes, valves, hydrants, fittings, and other products and services; storm drainage products, such as corrugated piping systems, retention basins, inline drains, manholes, grates, geosynthetics, erosion control, and other related products; fire protection products, including fire protection pipes, and sprinkler heads and devices, as well as fabrication services; and meter products, such as smart meter products, meter sets, meter accessories, installation, software, and other services.