Sea Cliff Partners Management LP Invests $11.71 Million in Core & Main, Inc. (NYSE:CNM)

Sea Cliff Partners Management LP bought a new position in shares of Core & Main, Inc. (NYSE:CNM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 230,000 shares of the company’s stock, valued at approximately $11,709,000. Core & Main accounts for about 4.1% of Sea Cliff Partners Management LP’s holdings, making the stock its 13th largest holding. Sea Cliff Partners Management LP owned about 0.12% of Core & Main at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Core & Main by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock worth $927,580,000 after acquiring an additional 221,970 shares in the last quarter. FMR LLC lifted its position in shares of Core & Main by 4.1% during the 4th quarter. FMR LLC now owns 9,055,993 shares of the company’s stock worth $461,041,000 after purchasing an additional 358,909 shares during the last quarter. Invesco Ltd. grew its stake in shares of Core & Main by 0.8% during the fourth quarter. Invesco Ltd. now owns 5,926,569 shares of the company’s stock worth $301,722,000 after purchasing an additional 44,513 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Core & Main by 0.5% during the fourth quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company’s stock worth $195,250,000 after purchasing an additional 20,756 shares in the last quarter. Finally, Royal London Asset Management Ltd. increased its holdings in Core & Main by 1.3% in the fourth 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 last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insider Buying and Selling

In related news, CAO John Weldon Stephens sold 10,214 shares of the firm’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $53.02, for a total transaction of $541,546.28. Following the transaction, the chief accounting officer now owns 4,120 shares of the company’s stock, valued at $218,442.40. This trade represents a 71.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP John R. Schaller sold 21,868 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $46.82, for a total value of $1,023,859.76. Following the completion of the transaction, the executive vice president now owns 16,452 shares in the company, valued at $770,282.64. This trade represents a 57.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,045 shares of company stock worth $3,683,698 in the last 90 days. Company insiders own 3.49% of the company’s stock.

Core & Main Trading Up 3.1%

NYSE:CNM opened at $54.14 on Friday. The company has a market capitalization of $10.71 billion, a PE ratio of 25.42, a P/E/G ratio of 2.61 and a beta of 1.04. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $61.33. The stock’s 50 day moving average price is $49.85 and its 200 day moving average price is $50.43. 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 (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 business’s revenue was up 17.9% on a year-over-year basis. During the same quarter last year, the business posted $0.34 earnings per share. On average, research analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current year.

Analysts Set New Price Targets

CNM has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft began coverage on Core & Main in a report on Tuesday, April 1st. They set a “buy” rating and a $60.00 price target for the company. 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 research note on Wednesday, March 26th. 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 report on Wednesday, March 26th. Finally, Wells Fargo & Company increased their price target on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Core & Main has a consensus rating of “Moderate Buy” and a consensus price target 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.