Brandywine Global Investment Management LLC Takes $6.36 Million Position in Core & Main, Inc. (NYSE:CNM)

Brandywine Global Investment Management LLC purchased a new position in Core & Main, Inc. (NYSE:CNM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 124,899 shares of the company's stock, valued at approximately $6,359,000. Brandywine Global Investment Management LLC owned 0.06% of Core & Main as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of CNM. Raymond James Financial Inc. purchased a new position in shares of Core & Main in the fourth quarter valued at $115,555,000. PointState Capital LP purchased a new position in Core & Main in the 3rd quarter valued at about $100,013,000. Norges Bank acquired a new stake in shares of Core & Main during the fourth quarter valued at about $99,734,000. Impax Asset Management Group plc grew its stake in shares of Core & Main by 70.4% during the fourth quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company's stock valued at $174,661,000 after acquiring an additional 1,416,907 shares in the last quarter. Finally, Spruce House Investment Management LLC increased its position in shares of Core & Main by 400.0% during the third quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company's stock worth $66,600,000 after acquiring an additional 1,200,000 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company's stock.

Insiders Place Their Bets

In related news, General Counsel Mark G. Whittenburg sold 50,000 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $50.49, for a total value of $2,524,500.00. Following the completion of the transaction, the general counsel now directly owns 7,667 shares of the company's stock, valued at $387,106.83. This represents a 86.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO John Weldon Stephens sold 41,963 shares of Core & Main stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total value of $2,118,292.24. Following the sale, the chief accounting officer now directly owns 4,120 shares in the company, valued at $207,977.60. The trade was a 91.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 226,257 shares of company stock valued at $11,501,977 over the last three months. Company insiders own 3.49% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

CNM has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on Core & Main from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Tuesday, February 4th. Citigroup raised their price target on shares of Core & Main from $43.00 to $56.00 and gave the stock a "neutral" rating in a research report on Monday, January 6th. Royal Bank of Canada cut their price target on shares of Core & Main from $62.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of Core & Main in a report on Tuesday, April 1st. They set a "buy" rating and a $60.00 price objective for the company. Finally, Robert W. Baird cut their target price on shares of Core & Main from $66.00 to $65.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Core & Main currently has an average rating of "Moderate Buy" and an average target price of $57.55.

Core & Main Stock Performance

Shares of NYSE:CNM traded down $1.07 during trading on Friday, reaching $46.12. 3,588,755 shares of the company's stock traded hands, compared to its average volume of 2,283,153. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The company has a 50 day moving average of $51.06 and a 200-day moving average of $49.19. Core & Main, Inc. has a 12 month low of $37.22 and a 12 month high of $62.15. The stock has a market capitalization of $9.13 billion, a P/E ratio of 21.65, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05.

Core & Main (NYSE:CNM - Get Free Report) last posted its 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 company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the company posted $0.34 earnings per share. The firm's revenue for the quarter was up 17.9% compared to the same quarter last year. On average, equities analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

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.