HighTower Advisors LLC Trims Stock Holdings in Core & Main, Inc. (NYSE:CNM)

HighTower Advisors LLC decreased its position in Core & Main, Inc. (NYSE:CNM) by 60.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,727 shares of the company’s stock after selling 16,592 shares during the quarter. HighTower Advisors LLC’s holdings in Core & Main were worth $546,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Avior Wealth Management LLC increased its stake in shares of Core & Main by 51.3% in the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after acquiring an additional 271 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Core & Main in the third quarter worth about $49,000. UMB Bank n.a. increased its stake in shares of Core & Main by 246.0% during the fourth quarter. UMB Bank n.a. now owns 962 shares of the company’s stock valued at $49,000 after purchasing an additional 684 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Core & Main by 187.4% during the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock valued at $65,000 after purchasing an additional 830 shares during the last quarter. Finally, R Squared Ltd purchased a new position in shares of Core & Main during the fourth quarter valued at approximately $78,000. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Price Performance

NYSE CNM opened at $48.46 on Friday. Core & Main, Inc. has a one year low of $37.22 and a one year high of $62.15. The stock has a 50-day moving average of $51.87 and a 200 day moving average of $48.88. 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 company has a market capitalization of $9.63 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 2.61 and a beta of 1.05.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.67 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The business’s revenue 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. On average, sell-side analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

Insiders Place Their Bets

In other Core & Main news, EVP John R. Schaller sold 21,868 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $46.82, for a total value 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 approximately $770,282.64. This trade represents a 57.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Mark G. Whittenburg sold 1,974 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $55.29, for a total transaction of $109,142.46. Following the sale, the general counsel now directly owns 7,667 shares of the company’s stock, valued at $423,908.43. The trade was a 20.48 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,294 shares of company stock valued at $9,383,685. Company insiders own 3.49% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Robert W. Baird cut their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday. Truist Financial raised their price target on Core & Main from $38.00 to $56.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Citigroup lifted their price target on Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, January 6th. Loop Capital increased their price objective on shares of Core & Main from $52.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada decreased 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. One equities research 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’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.30.

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.