Bell Asset Management Ltd Takes Position in Core & Main, Inc. (NYSE:CNM)

Bell Asset Management Ltd acquired a new stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 149,661 shares of the company's stock, valued at approximately $7,619,000. Core & Main comprises approximately 1.4% of Bell Asset Management Ltd's holdings, making the stock its 18th biggest holding. Bell Asset Management Ltd owned about 0.08% of Core & Main as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Core & Main by 1.2% in the fourth 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 last quarter. FMR LLC lifted its stake in shares of Core & Main by 4.1% in the 4th quarter. FMR LLC now owns 9,055,993 shares of the company's stock valued at $461,041,000 after purchasing an additional 358,909 shares during the period. State Street Corp boosted its holdings in Core & Main by 9.7% during the third quarter. State Street Corp now owns 5,522,009 shares of the company's stock worth $245,177,000 after buying an additional 489,224 shares in the last quarter. Royal London Asset Management Ltd. grew its position in Core & Main by 1.3% during the fourth quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company's stock valued at $194,005,000 after buying an additional 48,833 shares during the period. Finally, Amundi increased its holdings in Core & Main by 5.7% in the fourth quarter. Amundi now owns 3,659,261 shares of the company's stock valued at $186,722,000 after buying an additional 196,828 shares in the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

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Core & Main Trading Up 1.1 %

Shares of CNM traded up $0.51 during midday trading on Friday, reaching $48.69. The company had a trading volume of 2,337,560 shares, compared to its average volume of 2,295,220. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. The stock has a market cap of $9.63 billion, a PE ratio of 22.86, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05. The firm has a 50 day simple moving average of $49.77 and a 200-day simple moving average of $49.26. Core & Main, Inc. has a 1-year low of $37.22 and a 1-year high of $62.15.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm had revenue of $1.70 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same period in the previous year, the firm posted $0.34 EPS. The firm's quarterly revenue was up 17.9% compared to the same quarter last year. Research analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO John Weldon Stephens sold 41,963 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total transaction of $2,118,292.24. Following the completion of the transaction, the chief accounting officer now directly owns 4,120 shares in the company, valued at $207,977.60. This trade represents a 91.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Mark G. Whittenburg sold 1,974 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $55.29, for a total transaction of $109,142.46. Following the sale, the general counsel now directly owns 7,667 shares in the company, valued at approximately $423,908.43. The trade was a 20.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,305 shares of company stock worth $5,289,169 over the last ninety days. Corporate insiders own 3.49% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CNM. Robert W. Baird decreased their target price on 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 started coverage on shares of Core & Main in a research report on Tuesday, April 1st. They issued a "buy" rating and a $60.00 target price on the stock. Royal Bank of Canada reduced their price target on shares of Core & Main from $62.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday, March 26th. Citigroup lifted their price objective on Core & Main from $43.00 to $56.00 and gave the stock a "neutral" rating in a report on Monday, January 6th. Finally, Wells Fargo & Company increased their target price on Core & Main from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $57.55.

Core & Main Company Profile

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.