Core & Main, Inc. (NYSE:CNM) Stake Lessened by VELA Investment Management LLC

VELA Investment Management LLC trimmed its position in shares of Core & Main, Inc. (NYSE:CNM - Free Report) by 33.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,902 shares of the company's stock after selling 15,979 shares during the quarter. VELA Investment Management LLC's holdings in Core & Main were worth $1,624,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CNM. Assenagon Asset Management S.A. purchased a new stake in shares of Core & Main during the third quarter worth approximately $2,240,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Core & Main in the 3rd quarter valued at approximately $93,000. DekaBank Deutsche Girozentrale grew its stake in shares of Core & Main by 21.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 27,276 shares of the company's stock worth $1,211,000 after purchasing an additional 4,782 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Core & Main by 21.1% in the third quarter. State of Alaska Department of Revenue now owns 22,405 shares of the company's stock valued at $994,000 after buying an additional 3,900 shares during the last quarter. Finally, New York State Teachers Retirement System raised its stake in Core & Main by 3.8% in the third quarter. New York State Teachers Retirement System now owns 89,978 shares of the company's stock valued at $3,995,000 after buying an additional 3,318 shares in the last quarter. 94.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CNM shares. Barclays upped their target price on shares of Core & Main from $57.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th. The Goldman Sachs Group upped their target price on Core & Main from $50.00 to $57.00 and gave the company a "neutral" rating in a research report on Thursday, December 5th. Robert W. Baird boosted their price objective on Core & Main from $60.00 to $66.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Citigroup raised their target price 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. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $62.00 target price (up previously from $53.00) on shares of Core & Main in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Core & Main currently has a consensus rating of "Moderate Buy" and an average price target of $57.60.

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Insider Activity at Core & Main

In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of Core & Main stock in a transaction dated Friday, January 10th. The shares were 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 approximately $387,106.83. The trade was a 86.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Bradford A. Cowles sold 12,500 shares of the firm's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $50.50, for a total transaction of $631,250.00. Following the completion of the transaction, the president now directly owns 16,010 shares in the company, valued at $808,505. This represents a 43.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 162,426 shares of company stock valued at $8,359,825 over the last ninety days. Corporate insiders own 3.49% of the company's stock.

Core & Main Stock Down 3.6 %

Shares of CNM traded down $1.78 during mid-day trading on Tuesday, reaching $47.50. 1,759,753 shares of the stock traded hands, compared to its average volume of 2,274,933. The firm has a market cap of $9.44 billion, a price-to-earnings ratio of 22.30, a P/E/G ratio of 2.61 and a beta of 1.03. The stock has a fifty day simple moving average of $53.33 and a 200 day simple moving average of $48.74. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $62.15.

Core & Main (NYSE:CNM - Get Free Report) last issued its quarterly earnings data on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.04. The firm had revenue of $2.04 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. Sell-side analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

About Core & Main

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.