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

Polar Asset Management Partners Inc. bought a new stake in shares of Core & Main, Inc. (NYSE:CNM - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 68,100 shares of the company's stock, valued at approximately $3,024,000.

Several other institutional investors also recently bought and sold shares of CNM. Ashton Thomas Securities LLC acquired a new stake in Core & Main in the third quarter worth about $26,000. ORG Wealth Partners LLC acquired a new stake in Core & Main in the 3rd quarter worth approximately $31,000. GAMMA Investing LLC grew its position in Core & Main by 61.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company's stock worth $60,000 after purchasing an additional 511 shares during the last quarter. Brown Brothers Harriman & Co. acquired a new position in Core & Main during the 2nd quarter valued at approximately $76,000. Finally, CWM LLC raised its holdings in shares of Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company's stock worth $80,000 after buying an additional 334 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Core & Main Stock Performance

NYSE CNM traded down $0.63 during mid-day trading on Thursday, reaching $54.62. 2,895,847 shares of the stock were exchanged, compared to its average volume of 2,604,923. Core & Main, Inc. has a 1 year low of $35.70 and a 1 year high of $62.15. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.34 and a current ratio of 2.14. The business's 50 day moving average is $45.25 and its 200-day moving average is $48.11. The company has a market capitalization of $10.99 billion, a P/E ratio of 25.64, a P/E/G ratio of 3.63 and a beta of 1.04.

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 for the quarter, topping analysts' consensus estimates of $0.65 by $0.04. The company had revenue of $2.04 billion during the quarter, compared to analysts' expectations of $1.99 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. Core & Main's quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.65 EPS. On average, equities research analysts forecast that Core & Main, Inc. will post 2.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CNM. Wells Fargo & Company raised their target price on Core & Main from $52.00 to $62.00 and gave the stock an "overweight" rating in a research note on Thursday. Robert W. Baird lifted their target price on Core & Main from $60.00 to $66.00 and gave the stock an "outperform" rating in a report on Wednesday. Bank of America cut their price target on shares of Core & Main from $38.00 to $34.00 and set an "underperform" rating on the stock in a report on Thursday, September 5th. Royal Bank of Canada restated an "outperform" rating and set a $62.00 price objective (up from $53.00) on shares of Core & Main in a research note on Wednesday. Finally, Truist Financial increased their price objective on shares of Core & Main from $38.00 to $56.00 and gave the stock a "hold" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.10.

Insider Activity at Core & Main

In other news, CEO Stephen O. Leclair sold 200,000 shares of Core & Main stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $54.88, for a total value of $10,976,000.00. Following the sale, the chief executive officer now directly owns 92,349 shares of the company's stock, valued at $5,068,113.12. The trade was a 68.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Bradford A. Cowles sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $55.07, for a total value of $2,753,500.00. Following the sale, the president now owns 18,423 shares of the company's stock, valued at $1,014,554.61. The trade was a 73.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 290,000 shares of company stock valued at $15,926,000. 3.49% of the stock is owned by company insiders.

Core & Main Company Profile

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.