Bank of America Corp DE Grows Position in Core & Main, Inc. (NYSE:CNM)

Bank of America Corp DE increased its position in shares of Core & Main, Inc. (NYSE:CNM) by 23.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,570,977 shares of the company’s stock after acquiring an additional 296,516 shares during the period. Bank of America Corp DE owned about 0.79% of Core & Main worth $79,978,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CNM. Raymond James Financial Inc. acquired a new position in Core & Main during the 4th quarter worth about $115,555,000. Norges Bank acquired a new position in Core & Main during the 4th quarter worth about $99,734,000. Impax Asset Management Group plc lifted its stake in Core & Main by 70.4% during 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 in the last quarter. Federated Hermes Inc. lifted its stake in Core & Main by 4,757.9% during the 4th quarter. Federated Hermes Inc. now owns 1,138,346 shares of the company’s stock worth $57,953,000 after acquiring an additional 1,114,913 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in Core & Main by 38.4% during the 4th quarter. First Trust Advisors LP now owns 3,328,182 shares of the company’s stock worth $169,438,000 after acquiring an additional 923,287 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Core & Main Trading Down 0.3%

CNM opened at $51.66 on Monday. Core & Main, Inc. has a one year low of $37.22 and a one year high of $62.15. The company has a market cap of $10.22 billion, a P/E ratio of 24.25, a PEG ratio of 2.61 and a beta of 1.04. 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 business’s 50-day simple moving average is $49.24 and its 200-day simple moving average is $50.22.

Core & Main (NYSE:CNM) last released its quarterly earnings data on Tuesday, March 25th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Core & Main had a net margin of 5.71% and a return on equity of 24.71%. The company’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS. As a group, equities research analysts expect that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on CNM. Deutsche Bank Aktiengesellschaft began coverage on Core & Main in a research note on Tuesday, April 1st. They set a “buy” rating and a $60.00 target price on the stock. Robert W. Baird reduced their price target on Core & Main from $66.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Royal Bank of Canada reduced their price target on Core & Main from $62.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 26th. Finally, Wells Fargo & Company increased their price target on Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.55.

Insider Buying and Selling

In other news, EVP John R. Schaller sold 21,868 shares of the firm’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 value of $1,023,859.76. Following the completion of the sale, the executive vice president now directly owns 16,452 shares of the company’s stock, valued at $770,282.64. This trade represents a 57.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO John Weldon Stephens sold 10,214 shares of the firm’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 completion of the sale, the chief accounting officer now directly owns 4,120 shares of the company’s stock, valued at $218,442.40. This represents a 71.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,045 shares of company stock worth $3,683,698 in the last quarter. 3.49% of the stock is owned by insiders.

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.