Federated Hermes Inc. Boosts Stake in Core & Main, Inc. (NYSE:CNM)

Federated Hermes Inc. raised its holdings in Core & Main, Inc. (NYSE:CNM - Free Report) by 4,757.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,138,346 shares of the company's stock after buying an additional 1,114,913 shares during the period. Federated Hermes Inc. owned approximately 0.57% of Core & Main worth $57,953,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CNM. 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 period. State Street Corp raised its position in Core & Main by 9.7% in the 3rd quarter. State Street Corp now owns 5,522,009 shares of the company's stock valued at $245,177,000 after purchasing an additional 489,224 shares in the last quarter. Royal London Asset Management Ltd. boosted its stake in shares of Core & Main by 1.3% in the 4th 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. Amundi grew its position in shares of Core & Main by 5.7% during the fourth quarter. Amundi now owns 3,659,261 shares of the company's stock worth $186,722,000 after buying an additional 196,828 shares in the last quarter. Finally, Impax Asset Management Group plc increased 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 worth $174,661,000 after buying an additional 1,416,907 shares during the period. Institutional investors and hedge funds own 94.19% of the company's stock.

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Core & Main Stock Performance

Shares of NYSE:CNM traded up $0.51 on Friday, reaching $48.69. The company's stock had a trading volume of 2,337,560 shares, compared to its average volume of 2,295,220. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $62.15. The stock has a market capitalization of $9.63 billion, a P/E ratio of 22.86, a PEG ratio of 2.61 and a beta of 1.05. The stock's 50-day moving average is $49.77 and its two-hundred day moving average is $49.26. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28.

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

Insider Activity at Core & Main

In related news, 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 value of $109,142.46. Following the sale, the general counsel now owns 7,667 shares in the company, valued at $423,908.43. This represents a 20.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO John Weldon Stephens sold 41,963 shares of Core & Main stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total value of $2,118,292.24. Following the transaction, the chief accounting officer now directly owns 4,120 shares of the company's stock, valued at approximately $207,977.60. This represents a 91.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,305 shares of company stock worth $5,289,169 over the last three months. 3.49% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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