Concentric Capital Strategies LP Reduces Stock Position in Core & Main, Inc. $CNM

Concentric Capital Strategies LP lowered its stake in shares of Core & Main, Inc. (NYSE:CNM) by 12.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 199,632 shares of the company’s stock after selling 28,849 shares during the period. Concentric Capital Strategies LP’s holdings in Core & Main were worth $10,375,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CNM. TD Waterhouse Canada Inc. bought a new position in Core & Main in the 4th quarter worth about $26,000. EverSource Wealth Advisors LLC increased its position in shares of Core & Main by 145.4% during the second quarter. EverSource Wealth Advisors LLC now owns 454 shares of the company’s stock valued at $27,000 after buying an additional 269 shares during the period. Whittier Trust Co. bought a new stake in shares of Core & Main during the fourth quarter valued at about $28,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Core & Main by 262.0% in the first quarter. Cubist Systematic Strategies LLC now owns 724 shares of the company’s stock worth $35,000 after buying an additional 524 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Core & Main in the fourth quarter worth about $38,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Core & Main Price Performance

CNM stock opened at $46.43 on Thursday. The firm has a market cap of $9.04 billion, a P/E ratio of 19.67, a P/E/G ratio of 1.66 and a beta of 0.91. The firm’s fifty day moving average is $49.57 and its 200 day moving average is $52.12. Core & Main, Inc. has a 52 week low of $43.96 and a 52 week high of $67.18. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.31 and a current ratio of 2.31.

Core & Main (NYSE:CNM) last issued its earnings results on Wednesday, June 10th. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.19. The company had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Core & Main had a return on equity of 26.17% and a net margin of 5.87%.Core & Main’s quarterly revenue was down .1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.52 EPS. Research analysts predict that Core & Main, Inc. will post 3.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on CNM shares. Barclays cut their price target on shares of Core & Main from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft lowered their price objective on Core & Main from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. The Goldman Sachs Group restated a “neutral” rating and set a $24.00 target price on shares of Core & Main in a research report on Thursday, June 11th. Finally, Citigroup decreased their target price on Core & Main from $54.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, June 11th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.73.

Insiders Place Their Bets

In other news, Director James D. Hope purchased 1,972 shares of the company’s stock in a transaction that occurred on Tuesday, April 7th. The shares were bought at an average cost of $50.70 per share, for a total transaction of $99,980.40. Following the completion of the transaction, the director directly owned 6,939 shares of the company’s stock, valued at $351,807.30. This trade represents a 39.70% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robyn L. Bradbury sold 5,000 shares of the company’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $52.54, for a total transaction of $262,700.00. Following the completion of the sale, the chief financial officer directly owned 12,500 shares in the company, valued at $656,750. This represents a 28.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.51% of the company’s stock.

Core & Main Company Profile

Core & Main, Inc (NYSE:CNM) is a leading distributor of water, sewer, storm drainage and fire protection products across North America. The company’s product portfolio includes valves, hydrants, pipe and fittings, meters, couplings and other essential components that support municipal, industrial and environmental infrastructure projects. By combining a comprehensive inventory with logistics and technical support, Core & Main helps customers address complex water system and distribution challenges.

With more than 300 branch locations and over 3,500 employees, Core & Main serves a diverse customer base that includes municipalities, contractors, engineers and utility providers.