Bell Asset Management Ltd Acquires Shares of 149,661 Core & Main, Inc. (NYSE:CNM)

Bell Asset Management Ltd bought a new position in shares of Core & Main, Inc. (NYSE:CNM) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 149,661 shares of the company’s stock, valued at approximately $7,619,000. Core & Main accounts for about 1.4% of Bell Asset Management Ltd’s investment portfolio, making the stock its 18th biggest position. Bell Asset Management Ltd owned 0.08% of Core & Main as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CNM. Avior Wealth Management LLC grew its stake in Core & Main by 51.3% during the fourth quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after buying an additional 271 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Core & Main by 246.0% during the 4th quarter. UMB Bank n.a. now owns 962 shares of the company’s stock worth $49,000 after acquiring an additional 684 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Core & Main during the 3rd quarter worth approximately $49,000. Quadrant Capital Group LLC increased its stake in Core & Main by 30.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock valued at $61,000 after acquiring an additional 278 shares during the last quarter. Finally, Blue Trust Inc. raised its position in 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 in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Core & Main

In other news, EVP John R. Schaller sold 21,868 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the completion of the sale, the executive vice president now directly owns 16,452 shares in the company, valued at $770,282.64. This represents a 57.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Mark G. Whittenburg sold 50,000 shares of Core & Main stock in a transaction on Friday, January 10th. The stock was sold at an average price of $50.49, for a total transaction of $2,524,500.00. Following the transaction, the general counsel now directly owns 7,667 shares of the company’s stock, valued at $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. Insiders own 3.49% of the company’s stock.

Core & Main Price Performance

CNM stock opened at $46.12 on Monday. The company has a market capitalization of $9.13 billion, a P/E ratio of 21.65, a PEG ratio of 2.61 and a beta of 1.05. The company has a fifty day moving average price of $51.06 and a 200-day moving average price of $49.19. 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, Inc. has a 52-week low of $37.22 and a 52-week high of $62.15.

Core & Main (NYSE:CNM) last announced its earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (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 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 firm’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.34 earnings per share. As a group, equities analysts expect that Core & Main, Inc. will post 2.16 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CNM shares. Robert W. Baird reduced their target price on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. Wells Fargo & Company raised their price objective on Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a research note on Tuesday, April 1st. They set a “buy” rating and a $60.00 target price for the company. Royal Bank of Canada reduced their price target on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 26th. Finally, Citigroup upped their price objective on shares of Core & Main from $43.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Core & Main currently has a consensus rating of “Moderate Buy” and an average target price of $57.55.

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.