Diametric Capital LP Sells 2,450 Shares of Core & Main, Inc. (NYSE:CNM)

Diametric Capital LP lowered its position in Core & Main, Inc. (NYSE:CNM) by 31.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,332 shares of the company’s stock after selling 2,450 shares during the quarter. Diametric Capital LP’s holdings in Core & Main were worth $271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. US Bancorp DE boosted its stake in shares of Core & Main by 12.3% in the 4th quarter. US Bancorp DE now owns 1,795 shares of the company’s stock valued at $91,000 after purchasing an additional 197 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted 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 valued at $286,000 after buying an additional 258 shares during the period. Avior Wealth Management LLC grew its stake in shares of Core & Main by 51.3% during the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after buying an additional 271 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Core & Main by 5.1% in the fourth 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 period. Finally, Arizona State Retirement System lifted its stake in shares of Core & Main by 0.6% in the 4th quarter. Arizona State Retirement System now owns 55,910 shares of the company’s stock valued at $2,846,000 after acquiring an additional 360 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Insider Activity

In related news, General Counsel Mark G. Whittenburg sold 50,000 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the sale, the general counsel now owns 7,667 shares of the company’s stock, valued at $387,106.83. The trade was a 86.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John R. Schaller sold 21,868 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 16,452 shares of the company’s stock, valued at $770,282.64. This represents a 57.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,294 shares of company stock worth $9,383,685. Corporate insiders own 3.49% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CNM. Loop Capital lifted their price target on Core & Main from $52.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Core & Main in a research note on Tuesday. They issued a “buy” rating and a $60.00 target price on the stock. Barclays increased their price target on shares of Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Citigroup boosted their price objective on shares of Core & Main from $43.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, January 6th. Finally, Royal Bank of Canada dropped their target price on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. One investment 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.55.

Core & Main Stock Performance

Core & Main stock opened at $49.36 on Wednesday. Core & Main, Inc. has a fifty-two week low of $37.22 and a fifty-two week high of $62.15. The stock’s 50 day simple moving average is $51.58 and its two-hundred day simple moving average is $49.07. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The stock has a market cap of $9.81 billion, a price-to-earnings ratio of 23.17, a PEG ratio of 2.61 and a beta of 1.05.

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

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.