Wellington Management Group LLP Cuts Stock Position in Core & Main, Inc. (NYSE:CNM)

Wellington Management Group LLP trimmed its holdings in shares of Core & Main, Inc. (NYSE:CNM) by 0.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 229,554 shares of the company’s stock after selling 1,765 shares during the period. Wellington Management Group LLP owned approximately 0.12% of Core & Main worth $11,687,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CNM. Avior Wealth Management LLC boosted 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 buying an additional 271 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Core & Main during the third quarter valued at about $49,000. UMB Bank n.a. increased its holdings in shares of Core & Main by 246.0% in the fourth quarter. UMB Bank n.a. now owns 962 shares of the company’s stock worth $49,000 after purchasing an additional 684 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Core & Main by 187.4% in the fourth quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $65,000 after purchasing an additional 830 shares during the last quarter. Finally, R Squared Ltd bought a new stake in shares of Core & Main in the fourth quarter worth about $78,000. 94.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on CNM shares. 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. Wells Fargo & Company boosted their price target on Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Robert W. Baird lowered their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Royal Bank of Canada reduced their price objective on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, March 26th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Core & Main in a research report on Tuesday, April 1st. They set a “buy” rating and a $60.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.55.

Insider Activity

In other news, EVP John R. Schaller sold 60,452 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $50.57, for a total value of $3,057,057.64. Following the transaction, the executive vice president now owns 17,898 shares of the company’s stock, valued at approximately $905,101.86. This trade represents a 77.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of the firm’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 directly owns 7,667 shares in the company, valued at approximately $387,106.83. This represents a 86.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 226,257 shares of company stock worth $11,501,977 over the last ninety days. 3.49% of the stock is currently owned by insiders.

Core & Main Stock Performance

Shares of CNM stock opened at $49.05 on Thursday. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 52 week low of $37.22 and a 52 week high of $62.15. The stock has a market capitalization of $9.71 billion, a PE ratio of 23.03, a P/E/G ratio of 2.61 and a beta of 1.05. The firm has a 50 day moving average of $50.05 and a two-hundred day moving average of $49.20.

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

Core & Main Company 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.