Redwood Investment Management LLC Sells 1,458 Shares of Core & Main, Inc. (NYSE:CNM)

Redwood Investment Management LLC decreased its position in Core & Main, Inc. (NYSE:CNM) by 4.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,030 shares of the company’s stock after selling 1,458 shares during the quarter. Redwood Investment Management LLC’s holdings in Core & Main were worth $1,427,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in shares of Core & Main in the 4th quarter worth about $115,555,000. Norges Bank purchased a new position in shares of Core & Main in the 4th quarter worth about $99,734,000. Impax Asset Management Group plc boosted its holdings in shares of 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 buying an additional 1,416,907 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Core & Main by 4,757.9% in the 4th quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company’s stock worth $57,953,000 after buying an additional 1,114,913 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Core & Main by 38.4% in the 4th quarter. First Trust Advisors LP now owns 3,328,182 shares of the company’s stock worth $169,438,000 after buying an additional 923,287 shares during the last quarter. Institutional investors own 94.19% of the company’s stock.

Core & Main Trading Down 0.5%

Shares of Core & Main stock opened at $52.69 on Friday. Core & Main, Inc. has a 12-month low of $37.22 and a 12-month high of $62.15. The company has a market cap of $10.43 billion, a price-to-earnings ratio of 24.74, a PEG ratio of 2.61 and a beta of 1.04. The company has a current ratio of 2.14, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The company’s 50-day moving average price is $49.70 and its 200-day moving average price is $50.37.

Core & Main (NYSE:CNM) last announced its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (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 firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the previous year, the company posted $0.34 earnings per share. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. On average, equities analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company boosted their price target 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. Deutsche Bank Aktiengesellschaft started coverage on shares of Core & Main in a report on Tuesday, April 1st. They set a “buy” rating and a $60.00 price objective on the stock. Royal Bank of Canada dropped their price objective on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. Finally, Robert W. Baird dropped their price objective on shares of Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.55.

Insider Transactions at Core & Main

In related news, CAO John Weldon Stephens sold 10,214 shares of the company’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $53.02, for a total value of $541,546.28. Following the transaction, the chief accounting officer now directly owns 4,120 shares in the company, valued at approximately $218,442.40. This represents a 71.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John R. Schaller sold 21,868 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $46.82, for a total transaction of $1,023,859.76. Following the completion of the transaction, the executive vice president now owns 16,452 shares in the company, valued at approximately $770,282.64. This trade represents a 57.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,045 shares of company stock valued at $3,683,698. 3.49% of the stock is currently owned by corporate insiders.

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.