Madison Investment Advisors LLC Makes New Investment in Core & Main, Inc. (NYSE:CNM)

Madison Investment Advisors LLC bought a new position in shares of Core & Main, Inc. (NYSE:CNM) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 160,078 shares of the company’s stock, valued at approximately $8,150,000. Madison Investment Advisors LLC owned 0.08% of Core & Main as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of Core & Main in the fourth quarter valued at approximately $115,555,000. PointState Capital LP bought a new stake in shares of Core & Main in the third quarter valued at approximately $100,013,000. FMR LLC boosted its position in shares of Core & Main by 28.0% in the third quarter. FMR LLC now owns 8,697,084 shares of the company’s stock valued at $386,151,000 after acquiring an additional 1,903,280 shares during the period. Impax Asset Management Group plc boosted its position in shares of Core & Main by 373.0% in the third quarter. Impax Asset Management Group plc now owns 2,013,880 shares of the company’s stock valued at $89,416,000 after acquiring an additional 1,588,117 shares during the period. Finally, Spruce House Investment Management LLC boosted its position in shares of Core & Main by 400.0% in the third quarter. Spruce House Investment Management LLC now owns 1,500,000 shares of the company’s stock valued at $66,600,000 after acquiring an additional 1,200,000 shares during the period. Institutional investors own 94.19% of the company’s stock.

Insiders Place Their Bets

In other Core & Main news, President Bradford A. Cowles sold 12,500 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $50.50, for a total transaction of $631,250.00. Following the completion of the transaction, the president now directly owns 16,010 shares in the company, valued at $808,505. This represents a 43.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John R. Schaller sold 60,452 shares of the stock in a transaction on Friday, January 10th. The stock was 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 $905,101.86. This represents a 77.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 184,294 shares of company stock worth $9,383,685 over the last three months. 3.49% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective on Core & Main from $50.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. Barclays increased their price objective on Core & Main from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Wells Fargo & Company raised their target price on Core & Main from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Robert W. Baird raised their target price on Core & Main from $60.00 to $66.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $62.00 target price (up from $53.00) on shares of Core & Main in a research report on Wednesday, December 4th. One investment 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.60.

Core & Main Stock Performance

Core & Main stock opened at $46.20 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.14 and a quick ratio of 1.28. The stock has a fifty day moving average price of $52.69 and a two-hundred day moving average price of $48.55. Core & Main, Inc. has a 52-week low of $37.22 and a 52-week high of $62.15. The firm has a market capitalization of $9.18 billion, a P/E ratio of 21.69, a P/E/G ratio of 2.61 and a beta of 1.05.

About Core & Main

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.