Thematics Asset Management Sells 25,000 Shares of Core & Main, Inc. (NYSE:CNM)

Thematics Asset Management cut its stake in Core & Main, Inc. (NYSE:CNM) by 5.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 459,000 shares of the company’s stock after selling 25,000 shares during the quarter. Thematics Asset Management owned about 0.23% of Core & Main worth $23,368,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CNM. Vanguard Group Inc. boosted its position in Core & Main by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,219,997 shares of the company’s stock valued at $927,580,000 after acquiring an additional 221,970 shares in the last quarter. FMR LLC lifted its stake in shares of Core & Main by 4.1% in the 4th quarter. FMR LLC now owns 9,055,993 shares of the company’s stock valued at $461,041,000 after purchasing an additional 358,909 shares during the period. Invesco Ltd. boosted its position in shares of Core & Main by 0.8% during the fourth quarter. Invesco Ltd. now owns 5,926,569 shares of the company’s stock valued at $301,722,000 after purchasing an additional 44,513 shares in the last quarter. Bessemer Group Inc. grew its stake in Core & Main by 0.5% in the fourth quarter. Bessemer Group Inc. now owns 3,835,182 shares of the company’s stock worth $195,250,000 after purchasing an additional 20,756 shares during the period. Finally, Royal London Asset Management Ltd. raised its holdings in Core & Main by 1.3% in the fourth quarter. Royal London Asset Management Ltd. now owns 3,810,739 shares of the company’s stock worth $194,005,000 after purchasing an additional 48,833 shares in the last quarter. Institutional investors own 94.19% of the company’s stock.

Insider Buying and Selling at Core & Main

In related news, President Bradford A. Cowles sold 25,000 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $54.48, for a total transaction of $1,362,000.00. Following the completion of the sale, the president now owns 16,010 shares in the company, valued at approximately $872,224.80. This represents a 60.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John R. Schaller sold 21,868 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $46.82, for a total value of $1,023,859.76. Following the completion of the transaction, the executive vice president now directly owns 16,452 shares in the company, valued at approximately $770,282.64. This represents a 57.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,831 shares of company stock worth $4,504,152. Insiders own 3.49% of the company’s stock.

Analysts Set New Price Targets

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

Core & Main Price Performance

NYSE CNM opened at $49.59 on Friday. Core & Main, Inc. has a one year low of $37.22 and a one year high of $62.15. The stock has a 50-day moving average of $49.23 and a 200 day moving average of $49.42. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.28 and a current ratio of 2.14. The company has a market capitalization of $9.81 billion, a price-to-earnings ratio of 23.28, a PEG ratio of 2.61 and a beta of 1.05.

Core & Main (NYSE:CNM) last announced its quarterly 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). The company had revenue of $1.70 billion during 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 business’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.34 earnings per share. On average, sell-side analysts forecast that Core & Main, Inc. will post 2.16 EPS for the current year.

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.