Geode Capital Management LLC Increases Stock Holdings in Core & Main, Inc. (NYSE:CNM)

Geode Capital Management LLC increased its position in Core & Main, Inc. (NYSE:CNM) by 0.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,288,763 shares of the company’s stock after acquiring an additional 26,799 shares during the quarter. Geode Capital Management LLC owned about 1.66% of Core & Main worth $167,483,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Core & Main by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock valued at $927,580,000 after purchasing an additional 221,970 shares during the period. State Street Corp raised its position in shares of Core & Main by 9.7% in the third quarter. State Street Corp now owns 5,522,009 shares of the company’s stock worth $245,177,000 after buying an additional 489,224 shares in the last quarter. Royal London Asset Management Ltd. boosted its stake in Core & Main by 1.3% during the fourth quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company’s stock valued at $194,005,000 after buying an additional 48,833 shares during the period. Amundi grew its position in Core & Main by 5.7% during the fourth quarter. Amundi now owns 3,659,261 shares of the company’s stock worth $186,722,000 after buying an additional 196,828 shares in the last quarter. Finally, Impax Asset Management Group plc increased its stake in Core & Main by 70.4% in the 4th quarter. Impax Asset Management Group plc now owns 3,430,787 shares of the company’s stock worth $174,661,000 after acquiring an additional 1,416,907 shares during the last quarter. Hedge funds and other institutional investors own 94.19% of the company’s stock.

Core & Main Stock Performance

CNM stock opened at $46.12 on Monday. The stock has a market capitalization of $9.13 billion, a PE ratio of 21.65, a price-to-earnings-growth ratio of 2.61 and a beta of 1.05. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $62.15. The stock’s 50 day simple moving average is $51.06 and its 200 day simple moving average is $49.19.

Core & Main (NYSE:CNM) last posted its 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). Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same period last year, the firm posted $0.34 EPS. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. As a group, research analysts forecast that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insider Activity at Core & Main

In related news, General Counsel Mark G. Whittenburg sold 1,974 shares of Core & Main stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $55.29, for a total transaction of $109,142.46. Following the sale, the general counsel now owns 7,667 shares of the company’s stock, valued at approximately $423,908.43. This trade represents a 20.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO John Weldon Stephens sold 41,963 shares of Core & Main stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $50.48, for a total value of $2,118,292.24. Following the completion of the sale, the chief accounting officer now directly owns 4,120 shares in the company, valued at approximately $207,977.60. The trade was a 91.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 226,257 shares of company stock worth $11,501,977. Corporate insiders own 3.49% of the company’s stock.

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.