Concentric Capital Strategies LP Sells 28,849 Shares of Core & Main, Inc. $CNM

Concentric Capital Strategies LP lessened its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 12.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 199,632 shares of the company’s stock after selling 28,849 shares during the period. Concentric Capital Strategies LP owned approximately 0.10% of Core & Main worth $10,375,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Cubist Systematic Strategies LLC boosted its stake in Core & Main by 262.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares during the period. AQR Capital Management LLC acquired a new stake in shares of Core & Main in the 1st quarter valued at about $396,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Core & Main by 36.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,576 shares of the company’s stock valued at $1,719,000 after purchasing an additional 9,534 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Core & Main by 23.1% during the first quarter. Goldman Sachs Group Inc. now owns 291,988 shares of the company’s stock worth $14,106,000 after buying an additional 54,854 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock worth $27,000 after buying an additional 269 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Stock Performance

Shares of Core & Main stock opened at $46.43 on Thursday. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.00. The company has a market cap of $9.04 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 1.66 and a beta of 0.91. The company has a 50 day moving average of $49.57 and a 200-day moving average of $52.12. Core & Main, Inc. has a 1-year low of $43.96 and a 1-year high of $67.18.

Core & Main (NYSE:CNM) last released its earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.19. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the business posted $0.52 earnings per share. The business’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities research analysts forecast that Core & Main, Inc. will post 3.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CNM. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Core & Main from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Citigroup decreased their price objective on shares of Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, June 11th. Barclays cut their target price on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Wednesday, March 25th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $24.00 target price on shares of Core & Main in a report on Thursday, June 11th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.73.

Insider Transactions at Core & Main

In related news, CFO Robyn L. Bradbury sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $52.54, for a total value of $262,700.00. Following the sale, the chief financial officer directly owned 12,500 shares in the company, valued at $656,750. This represents a 28.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James D. Hope purchased 1,972 shares of Core & Main stock in a transaction on Tuesday, April 7th. The stock was bought at an average price of $50.70 per share, with a total value of $99,980.40. Following the completion of the acquisition, the director directly owned 6,939 shares of the company’s stock, valued at approximately $351,807.30. This trade represents a 39.70% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 1.51% of the company’s stock.

Core & Main Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.