Mackenzie Financial Corp Takes Position in Core & Main, Inc. (NYSE:CNM)

Mackenzie Financial Corp purchased a new position in shares of Core & Main, Inc. (NYSE:CNM) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 383,170 shares of the company’s stock, valued at approximately $15,484,000. Mackenzie Financial Corp owned about 0.18% of Core & Main at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Renaissance Capital LLC grew its holdings in shares of Core & Main by 59.0% during the fourth quarter. Renaissance Capital LLC now owns 85,574 shares of the company’s stock worth $3,458,000 after purchasing an additional 31,740 shares during the last quarter. State of Michigan Retirement System acquired a new position in Core & Main during the 4th quarter worth about $1,325,000. Exchange Traded Concepts LLC grew its holdings in Core & Main by 328.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 78,854 shares of the company’s stock worth $3,186,000 after acquiring an additional 60,435 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its position in Core & Main by 4.4% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,734,897 shares of the company’s stock valued at $70,107,000 after acquiring an additional 73,790 shares in the last quarter. Finally, New York State Teachers Retirement System bought a new position in shares of Core & Main in the fourth quarter worth about $1,805,000. 94.19% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Core & Main

In other Core & Main news, CAO John Weldon Stephens sold 15,000 shares of Core & Main stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $57.91, for a total value of $868,650.00. Following the transaction, the chief accounting officer now owns 4,281 shares of the company’s stock, valued at $247,912.71. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Core & Main news, major shareholder Cd&R Investment Associates X, sold 22,907,815 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $40.98, for a total transaction of $938,762,258.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO John Weldon Stephens sold 15,000 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $57.91, for a total value of $868,650.00. Following the completion of the sale, the chief accounting officer now owns 4,281 shares in the company, valued at $247,912.71. The disclosure for this sale can be found here. In the last three months, insiders sold 23,363,315 shares of company stock worth $960,746,759. 3.49% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CNM has been the topic of several research analyst reports. Loop Capital increased their price target on shares of Core & Main from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. lifted their target price on Core & Main from $38.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Barclays upped their price target on Core & Main from $49.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Truist Financial reiterated a “hold” rating and issued a $38.00 price objective on shares of Core & Main in a research report on Wednesday, March 20th. Finally, Citigroup downgraded shares of Core & Main from a “buy” rating to a “neutral” rating and upped their target price for the company from $63.00 to $64.00 in a research report on Friday, April 5th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Core & Main Trading Down 0.3 %

CNM opened at $54.58 on Friday. The firm’s fifty day moving average is $51.74 and its two-hundred day moving average is $41.54. The firm has a market cap of $10.99 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 1.71 and a beta of 1.15. Core & Main, Inc. has a twelve month low of $24.83 and a twelve month high of $60.83. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.30 and a current ratio of 2.29.

Core & Main (NYSE:CNM) last issued its quarterly earnings data on Tuesday, March 19th. The company reported $0.34 EPS for the quarter, hitting the consensus estimate of $0.34. Core & Main had a return on equity of 18.22% and a net margin of 5.54%. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the business posted $0.31 EPS. The firm’s revenue was up 4.8% compared to the same quarter last year. Equities research analysts anticipate that Core & Main, Inc. will post 2.59 EPS for the current year.

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.