Core & Main, Inc. (NYSE:CNM) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. cut its holdings in Core & Main, Inc. (NYSE:CNM) by 77.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 221,116 shares of the company’s stock after selling 764,320 shares during the period. Point72 Asset Management L.P.’s holdings in Core & Main were worth $9,818,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Ashton Thomas Securities LLC acquired a new position in Core & Main in the third quarter valued at $26,000. ORG Wealth Partners LLC purchased a new stake in Core & Main in the 3rd quarter valued at about $31,000. GAMMA Investing LLC increased its stake in shares of Core & Main by 61.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,348 shares of the company’s stock valued at $60,000 after acquiring an additional 511 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in shares of Core & Main during the 2nd quarter worth about $76,000. Finally, CWM LLC boosted its position in shares of Core & Main by 25.6% in the second quarter. CWM LLC now owns 1,638 shares of the company’s stock worth $80,000 after acquiring an additional 334 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Insider Activity at Core & Main

In related news, President Bradford A. Cowles sold 50,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $55.07, for a total transaction of $2,753,500.00. Following the completion of the sale, the president now directly owns 18,423 shares of the company’s stock, valued at approximately $1,014,554.61. This trade represents a 73.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Stephen O. Leclair sold 200,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $54.88, for a total transaction of $10,976,000.00. Following the sale, the chief executive officer now directly owns 92,349 shares of the company’s stock, valued at approximately $5,068,113.12. The trade was a 68.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 290,000 shares of company stock valued at $15,926,000. Corporate insiders own 3.49% of the company’s stock.

Core & Main Price Performance

Core & Main stock opened at $53.86 on Friday. Core & Main, Inc. has a 52-week low of $35.70 and a 52-week high of $62.15. The firm has a fifty day moving average of $45.60 and a 200-day moving average of $48.11. The firm has a market capitalization of $10.83 billion, a P/E ratio of 25.29, a PEG ratio of 3.59 and a beta of 1.04. The company has a quick ratio of 1.34, a current ratio of 2.14 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, December 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.04. The business had revenue of $2.04 billion during the quarter, compared to analyst estimates of $1.99 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business’s revenue was up 11.5% on a year-over-year basis. During the same period last year, the business earned $0.65 EPS. As a group, analysts predict that Core & Main, Inc. will post 2.14 EPS for the current year.

Analyst Ratings Changes

CNM has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price target on shares of Core & Main from $52.00 to $62.00 and gave the stock an “overweight” rating in a research note on Thursday. The Goldman Sachs Group lifted their target price on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a report on Thursday. Bank of America dropped their price target on Core & Main from $38.00 to $34.00 and set an “underperform” rating for the company in a research note on Thursday, September 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $62.00 price objective (up from $53.00) on shares of Core & Main in a research note on Wednesday. Finally, JPMorgan Chase & Co. decreased their target price on Core & Main from $54.00 to $52.00 and set an “overweight” rating for the company in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Core & Main has an average rating of “Moderate Buy” and an average price target of $58.10.

About Core & Main

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.