Caxton Associates LP Purchases 11,226 Shares of Core & Main, Inc. (NYSE:CNM)

Caxton Associates LP grew its stake in shares of Core & Main, Inc. (NYSE:CNM) by 69.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,419 shares of the company’s stock after buying an additional 11,226 shares during the quarter. Caxton Associates LP’s holdings in Core & Main were worth $1,570,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Core & Main during the 4th quarter valued at $69,282,000. Forest Avenue Capital Management LP purchased a new stake in shares of Core & Main during the 4th quarter valued at $13,085,000. State of Michigan Retirement System purchased a new stake in shares of Core & Main during the 4th quarter valued at $1,325,000. Charles Schwab Investment Management Inc. raised its position in shares of Core & Main by 27.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,348,537 shares of the company’s stock valued at $54,494,000 after buying an additional 286,513 shares in the last quarter. Finally, Chesapeake Capital Corp IL purchased a new stake in shares of Core & Main during the 4th quarter valued at $962,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Trading Down 1.4 %

Shares of CNM traded down $0.73 during trading hours on Tuesday, reaching $52.76. 196,123 shares of the company traded hands, compared to its average volume of 2,485,846. The company’s fifty day moving average price is $51.92 and its two-hundred day moving average price is $51.37. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of 24.98, a price-to-earnings-growth ratio of 2.02 and a beta of 1.06. The company has a quick ratio of 1.23, a current ratio of 2.14 and a debt-to-equity ratio of 1.46. Core & Main, Inc. has a 12 month low of $27.75 and a 12 month high of $62.15.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, June 4th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.02). Core & Main had a return on equity of 20.01% and a net margin of 5.53%. The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the previous year, the firm earned $0.50 EPS. The company’s revenue was up 10.6% on a year-over-year basis. Equities research analysts predict that Core & Main, Inc. will post 2.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on CNM. Royal Bank of Canada reiterated an “outperform” rating and issued a $60.00 target price on shares of Core & Main in a research report on Wednesday, June 5th. Citigroup cut shares of Core & Main from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $63.00 to $64.00 in a research report on Friday, April 5th. Finally, Truist Financial decreased their price objective on shares of Core & Main from $56.00 to $50.00 and set a “hold” rating on the stock in a research report on Wednesday, June 5th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Core & Main presently has a consensus rating of “Moderate Buy” and an average target price of $52.90.

Insider Buying and Selling

In related news, CFO Mark R. Witkowski sold 50,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the sale, the chief financial officer now owns 23,898 shares of the company’s stock, valued at $1,421,931. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Mark R. Witkowski sold 50,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $59.50, for a total transaction of $2,975,000.00. Following the sale, the chief financial officer now owns 23,898 shares of the company’s stock, valued at $1,421,931. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James G. Castellano sold 12,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $52.22, for a total transaction of $652,750.00. Following the sale, the director now directly owns 11,769 shares in the company, valued at approximately $614,577.18. The disclosure for this sale can be found here. Insiders have sold 62,700 shares of company stock valued at $3,637,752 over the last quarter. Corporate insiders own 3.49% of the company’s stock.

Core & Main Company 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.