Bayesian Capital Management LP Buys Shares of 68,256 Core & Main, Inc. (NYSE:CNM)

Bayesian Capital Management LP purchased a new position in shares of Core & Main, Inc. (NYSE:CNM) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 68,256 shares of the company’s stock, valued at approximately $3,475,000.

A number of other institutional investors have also modified their holdings of the company. US Bancorp DE boosted its position in shares of Core & Main by 12.3% in the fourth quarter. US Bancorp DE now owns 1,795 shares of the company’s stock worth $91,000 after acquiring an additional 197 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its position in Core & Main by 4.8% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 5,616 shares of the company’s stock worth $286,000 after purchasing an additional 258 shares during the last quarter. Avior Wealth Management LLC boosted its holdings in shares of Core & Main by 51.3% in the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after purchasing an additional 271 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of Core & Main by 30.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock valued at $61,000 after buying an additional 278 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in shares of Core & Main by 5.1% during the 4th quarter. CIBC Asset Management Inc now owns 5,871 shares of the company’s stock worth $299,000 after buying an additional 287 shares during the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Price Performance

CNM opened at $53.85 on Friday. Core & Main, Inc. has a twelve month low of $37.22 and a twelve month high of $62.15. The firm has a market cap of $10.66 billion, a price-to-earnings ratio of 25.28, a PEG ratio of 2.61 and a beta of 1.05. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The company has a fifty day simple moving average of $49.05 and a 200 day simple moving average of $49.98.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The business had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.67 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 earnings per share. Equities research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CNM shares. Royal Bank of Canada lowered their price target on Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. Robert W. Baird decreased their target price on Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Citigroup raised their price target on shares of Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, January 6th. Wells Fargo & Company boosted their price objective on shares of Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Core & Main in a research note on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.55.

Insider Buying and Selling at Core & Main

In other news, CAO John Weldon Stephens sold 41,963 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the sale, the chief accounting officer now owns 4,120 shares of the company’s stock, valued at approximately $207,977.60. The trade was a 91.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John R. Schaller sold 21,868 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the completion of the sale, the executive vice president now owns 16,452 shares in the company, valued at approximately $770,282.64. This trade represents a 57.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 99,045 shares of company stock valued at $5,045,698 in the last three months. Corporate insiders own 3.49% of the company’s stock.

Core & Main 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.