Victory Capital Management Inc. Cuts Stake in Core & Main, Inc. (NYSE:CNM)

Victory Capital Management Inc. reduced its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 40.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 136,625 shares of the company’s stock after selling 93,020 shares during the period. Victory Capital Management Inc.’s holdings in Core & Main were worth $6,956,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CNM. Impax Asset Management Group plc increased its stake in Core & Main by 373.0% during the 3rd quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock worth $89,416,000 after buying an additional 1,588,117 shares during the period. Ashton Thomas Securities LLC acquired a new position in Core & Main during the 3rd quarter worth approximately $26,000. Sheaff Brock Investment Advisors LLC grew its holdings in Core & Main by 10.4% during the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 8,086 shares of the company’s stock worth $359,000 after acquiring an additional 761 shares in the last quarter. Empowered Funds LLC grew its holdings in Core & Main by 10.8% during the 3rd quarter. Empowered Funds LLC now owns 100,681 shares of the company’s stock worth $4,470,000 after acquiring an additional 9,848 shares in the last quarter. Finally, South Street Advisors LLC grew its holdings in Core & Main by 36.0% during the 3rd quarter. South Street Advisors LLC now owns 234,144 shares of the company’s stock worth $10,396,000 after acquiring an additional 61,962 shares in the last quarter. 94.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CNM has been the subject of several analyst reports. Citigroup boosted their price target on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Truist Financial boosted their price target on shares of Core & Main from $38.00 to $56.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. The Goldman Sachs Group boosted their price target on shares of Core & Main from $50.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, December 5th. Barclays boosted their price target on shares of Core & Main from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company upped their target price on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Core & Main currently has a consensus rating of “Moderate Buy” and an average target price of $57.60.

Insider Buying and Selling

In other news, General Counsel Mark G. Whittenburg sold 50,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the general counsel now owns 7,667 shares of the company’s stock, valued at approximately $387,106.83. The trade was a 86.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Bradford A. Cowles sold 12,500 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $50.50, for a total transaction of $631,250.00. Following the transaction, the president now directly owns 16,010 shares of the company’s stock, valued at approximately $808,505. This trade represents a 43.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 184,294 shares of company stock worth $9,383,685. Insiders own 3.49% of the company’s stock.

Core & Main Trading Up 3.0 %

NYSE CNM opened at $47.65 on Friday. The firm has a market capitalization of $9.47 billion, a price-to-earnings ratio of 22.37, a PEG ratio of 2.61 and a beta of 1.05. The company’s 50 day moving average price is $52.60 and its 200 day moving average price is $48.51. Core & Main, Inc. has a one year low of $37.22 and a one year high of $62.15. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14.

Core & Main Profile

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.