Bayesian Capital Management LP Makes New Investment in Core & Main, Inc. (NYSE:CNM)

Bayesian Capital Management LP bought a new position in shares of Core & Main, Inc. (NYSE:CNM) during the fourth quarter, Holdings Channel reports. The institutional investor bought 68,256 shares of the company’s stock, valued at approximately $3,475,000.

A number of other large investors also recently modified their holdings of the business. Avior Wealth Management LLC grew its position in shares of Core & Main by 51.3% during the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock valued at $41,000 after buying an additional 271 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Core & Main during the third quarter valued at approximately $49,000. UMB Bank n.a. raised its position 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 purchasing an additional 684 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Core & Main by 30.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,203 shares of the company’s stock worth $61,000 after purchasing an additional 278 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Core & Main by 187.4% in the 4th quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $65,000 after purchasing an additional 830 shares during the last quarter. 94.19% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CAO John Weldon Stephens sold 10,214 shares of Core & Main stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $53.02, for a total value of $541,546.28. Following the transaction, the chief accounting officer now owns 4,120 shares of the company’s stock, valued at approximately $218,442.40. This trade represents a 71.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Bradford A. Cowles sold 25,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $54.48, for a total transaction of $1,362,000.00. Following the sale, the president now directly owns 16,010 shares of the company’s stock, valued at $872,224.80. This represents a 60.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 99,045 shares of company stock worth $5,045,698. 3.49% of the stock is owned by insiders.

Core & Main Trading Up 1.6 %

Shares of CNM stock opened at $53.85 on Friday. The stock has a 50-day simple moving average of $49.05 and a 200 day simple moving average of $49.98. The stock has a market capitalization of $10.66 billion, a P/E ratio of 25.28, a P/E/G ratio of 2.61 and a beta of 1.05. Core & Main, Inc. has a fifty-two week low of $37.22 and a fifty-two week high of $62.15. The company has a quick ratio of 1.28, a current ratio of 2.14 and a debt-to-equity ratio of 1.36.

Core & Main (NYSE:CNM) last posted its quarterly earnings data on Tuesday, March 25th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter last year, the business posted $0.34 EPS. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. On average, sell-side analysts expect that Core & Main, Inc. will post 2.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CNM has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Core & Main in a research report on Tuesday, April 1st. They issued a “buy” rating and a $60.00 target price on the stock. Wells Fargo & Company increased 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. Royal Bank of Canada reduced their target price on shares of Core & Main from $62.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, March 26th. Citigroup increased 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. Finally, Robert W. Baird reduced their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average 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.