SG Americas Securities LLC Takes Position in Core & Main, Inc. (NYSE:CNM)

SG Americas Securities LLC purchased a new stake in shares of Core & Main, Inc. (NYSE:CNM) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 78,774 shares of the company’s stock, valued at approximately $3,806,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Core & Main by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock valued at $927,580,000 after purchasing an additional 221,970 shares in the last quarter. FMR LLC raised its holdings 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 valued at $461,041,000 after purchasing an additional 358,909 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Core & Main by 0.8% during the 4th quarter. Invesco Ltd. now owns 5,926,569 shares of the company’s stock valued at $301,722,000 after purchasing an additional 44,513 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Core & Main by 0.5% during the 4th quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company’s stock valued at $195,250,000 after purchasing an additional 20,756 shares in the last quarter. Finally, Royal London Asset Management Ltd. raised its holdings in shares of Core & Main by 1.3% during the 4th quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company’s stock valued at $194,005,000 after purchasing an additional 48,833 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Stock Performance

NYSE CNM opened at $56.05 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 26.31, a P/E/G ratio of 2.61 and a beta of 1.02. The company’s fifty day moving average is $52.95 and its two-hundred day moving average is $52.01. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $60.38.

Core & Main (NYSE:CNM) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.84 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period last year, the business posted $0.49 EPS. Equities research analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Insiders Place Their Bets

In other Core & Main news, General Counsel Mark G. Whittenburg sold 900 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $60.03, for a total value of $54,027.00. Following the sale, the general counsel now directly owns 9,691 shares in the company, valued at $581,750.73. This trade represents a 8.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO John Weldon Stephens sold 41,963 shares of Core & Main stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $50.48, for a total transaction of $2,118,292.24. Following the sale, the chief accounting officer now owns 4,120 shares in the company, valued at approximately $207,977.60. This trade represents a 91.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 157,666 shares of company stock worth $8,770,352 in the last ninety days. Insiders own 3.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Core & Main from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price on the stock. Robert W. Baird dropped their target price on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. Loop Capital lifted their target price on shares of Core & Main from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Royal Bank of Canada lifted their target price on shares of Core & Main from $60.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $59.55.

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.