Vestcor Inc Boosts Holdings in Core & Main, Inc. (NYSE:CNM)

Vestcor Inc grew its stake in Core & Main, Inc. (NYSE:CNM - Free Report) by 233.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,026 shares of the company's stock after purchasing an additional 11,227 shares during the period. Vestcor Inc's holdings in Core & Main were worth $712,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CNM. Rhumbline Advisers lifted its stake in Core & Main by 6.2% in the second quarter. Rhumbline Advisers now owns 508,554 shares of the company's stock worth $24,889,000 after purchasing an additional 29,490 shares during the last quarter. Quest Partners LLC boosted its holdings in Core & Main by 1,195,600.0% during the 3rd quarter. Quest Partners LLC now owns 11,957 shares of the company's stock valued at $531,000 after acquiring an additional 11,956 shares during the period. Eagle Asset Management Inc. grew its position in Core & Main by 2.6% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,720,496 shares of the company's stock valued at $74,979,000 after acquiring an additional 44,282 shares during the last quarter. SG Americas Securities LLC increased its stake in Core & Main by 542.1% in the second quarter. SG Americas Securities LLC now owns 39,415 shares of the company's stock worth $1,929,000 after purchasing an additional 33,277 shares during the period. Finally, South Street Advisors LLC bought a new stake in shares of Core & Main during the second quarter worth $8,427,000. Hedge funds and other institutional investors own 94.19% of the company's stock.

Core & Main Stock Performance

CNM traded down $0.18 during trading on Friday, reaching $52.22. 2,222,015 shares of the company's stock were exchanged, compared to its average volume of 2,588,743. The company's fifty day simple moving average is $46.53 and its 200-day simple moving average is $47.86. The stock has a market capitalization of $10.50 billion, a P/E ratio of 24.52, a price-to-earnings-growth ratio of 2.95 and a beta of 1.04. 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, Inc. has a 1 year low of $37.22 and a 1 year high of $62.15.

Core & Main (NYSE:CNM - Get Free Report) last posted its earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.04. The company had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The firm's quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 earnings per share. As a group, research analysts predict that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on CNM. Loop Capital boosted their price objective on shares of Core & Main from $52.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Barclays lifted their target price on Core & Main from $57.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, December 4th. The Goldman Sachs Group increased their price target on Core & Main from $50.00 to $57.00 and gave the stock a "neutral" rating in a research report on Thursday, December 5th. Wells Fargo & Company lifted their price objective on Core & Main from $52.00 to $62.00 and gave the company an "overweight" rating in a report on Thursday, December 5th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Core & Main from $54.00 to $52.00 and set an "overweight" rating for the company in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $58.10.

Insider Buying and Selling

In related news, EVP Jeffrey D. Giles sold 25,000 shares of the company's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $54.71, for a total value of $1,367,750.00. Following the completion of the transaction, the executive vice president now owns 11,615 shares of the company's stock, valued at approximately $635,456.65. This represents a 68.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Stephen O. Leclair sold 200,000 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 92,349 shares in the company, valued at approximately $5,068,113.12. The trade was a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 290,000 shares of company stock valued at $15,926,000 over the last ninety days. Company insiders own 3.49% of the company's stock.

Core & Main 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.