Polar Asset Management Partners Inc. Grows Stake in Core & Main, Inc. (NYSE:CNM)

Polar Asset Management Partners Inc. boosted its position in Core & Main, Inc. (NYSE:CNM) by 12.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,900 shares of the company’s stock after purchasing an additional 8,800 shares during the period. Polar Asset Management Partners Inc.’s holdings in Core & Main were worth $3,915,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. US Bancorp DE increased its stake in Core & Main by 12.3% in the 4th quarter. US Bancorp DE now owns 1,795 shares of the company’s stock valued at $91,000 after purchasing an additional 197 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its stake in Core & Main by 4.8% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 5,616 shares of the company’s stock valued at $286,000 after purchasing an additional 258 shares in the last quarter. Avior Wealth Management LLC increased its stake in Core & Main by 51.3% in the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after purchasing an additional 271 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Core & Main by 30.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock valued at $61,000 after purchasing an additional 278 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake in Core & Main by 5.1% in the 4th quarter. CIBC Asset Management Inc now owns 5,871 shares of the company’s stock valued at $299,000 after purchasing an additional 287 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP John R. Schaller sold 21,868 shares of Core & Main stock in a transaction on Monday, March 10th. The stock was sold at an average price of $46.82, for a total value of $1,023,859.76. Following the transaction, the executive vice president now owns 16,452 shares in the company, valued at approximately $770,282.64. This trade represents a 57.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John Weldon Stephens sold 10,214 shares of Core & Main stock in a transaction on Monday, April 28th. The shares were sold at an average price of $53.02, for a total value of $541,546.28. Following the completion of the transaction, the chief accounting officer now owns 4,120 shares in the company, valued at $218,442.40. The trade was a 71.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,045 shares of company stock valued at $3,683,698 over the last quarter. Company insiders own 3.49% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CNM shares. Deutsche Bank Aktiengesellschaft started coverage on Core & Main in a research report on Tuesday, April 1st. They set a “buy” rating and a $60.00 price target for the company. Royal Bank of Canada dropped their price target on Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. Wells Fargo & Company raised their price target on Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Finally, Robert W. Baird dropped their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.55.

Core & Main Price Performance

Shares of NYSE:CNM opened at $52.69 on Friday. The company has a market cap of $10.43 billion, a P/E ratio of 24.74, a P/E/G ratio of 2.61 and a beta of 1.04. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $62.15. The business has a fifty day simple moving average of $49.70 and a 200-day simple moving average of $50.37.

Core & Main (NYSE:CNM) last announced its quarterly earnings data on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. Core & Main’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.34 EPS. Equities research analysts forecast that Core & Main, Inc. will post 2.16 EPS 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.