Point72 Asset Management L.P. Sells 764,320 Shares of Core & Main, Inc. (NYSE:CNM)

Point72 Asset Management L.P. decreased its stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 77.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 221,116 shares of the company's stock after selling 764,320 shares during the period. Point72 Asset Management L.P. owned approximately 0.11% of Core & Main worth $9,818,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CNM. Ashton Thomas Securities LLC bought a new stake in Core & Main in the 3rd quarter valued at approximately $26,000. ORG Wealth Partners LLC acquired a new stake in shares of Core & Main in the third quarter valued at approximately $31,000. GAMMA Investing LLC lifted its position in shares of Core & Main by 61.1% in the third quarter. GAMMA Investing LLC now owns 1,348 shares of the company's stock worth $60,000 after purchasing an additional 511 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new position in Core & Main during the second quarter worth $76,000. Finally, CWM LLC grew its position in Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company's stock valued at $80,000 after purchasing an additional 334 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Core & Main news, Director Margaret Newman sold 15,000 shares of the company's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $55.25, for a total transaction of $828,750.00. Following the completion of the sale, the director now directly owns 11,769 shares in the company, valued at $650,237.25. This represents a 56.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Stephen O. Leclair sold 200,000 shares of Core & Main stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total value of $10,976,000.00. Following the completion of the transaction, the chief executive officer now owns 92,349 shares in the company, valued at approximately $5,068,113.12. The trade was a 68.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 290,000 shares of company stock worth $15,926,000 in the last quarter. 3.49% of the stock is currently owned by corporate insiders.

Core & Main Stock Performance

Shares of NYSE:CNM traded down $0.76 during trading on Friday, reaching $53.86. 2,119,925 shares of the stock were exchanged, compared to its average volume of 3,166,223. The firm has a market cap of $10.83 billion, a PE ratio of 25.29, a PEG ratio of 3.59 and a beta of 1.04. The company has a current ratio of 2.14, a quick ratio of 1.34 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 12 month low of $35.70 and a 12 month high of $62.15. The stock has a 50-day moving average price of $45.60 and a 200-day moving average price of $48.02.

Core & Main (NYSE:CNM - Get Free Report) last released its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.04. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the previous year, the company posted $0.65 EPS. The firm's quarterly revenue was up 11.5% on a year-over-year basis. Research analysts expect that Core & Main, Inc. will post 2.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CNM has been the subject of a number of recent research reports. Barclays increased their price objective on shares of Core & Main from $57.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday. Wells Fargo & Company raised their price target on Core & Main from $52.00 to $62.00 and gave the company an "overweight" rating in a research note on Thursday. Bank of America dropped their price objective on Core & Main from $38.00 to $34.00 and set an "underperform" rating on the stock in a research note on Thursday, September 5th. Robert W. Baird boosted their target price on shares of Core & Main from $60.00 to $66.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Truist Financial increased their price target on shares of Core & Main from $38.00 to $56.00 and gave the company a "hold" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Core & Main currently has an average rating of "Moderate Buy" and a consensus price target of $58.10.

About Core & Main

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.