Sea Cliff Partners Management LP Acquires Shares of 230,000 Core & Main, Inc. (NYSE:CNM)

Sea Cliff Partners Management LP bought a new position in Core & Main, Inc. (NYSE:CNM) in the 4th quarter, Holdings Channel.com reports. The firm bought 230,000 shares of the company’s stock, valued at approximately $11,709,000. Core & Main comprises 4.1% of Sea Cliff Partners Management LP’s portfolio, making the stock its 13th largest holding.

Several other hedge funds also recently made changes to their positions in CNM. US Bancorp DE increased its stake in shares of Core & Main by 12.3% during the fourth quarter. US Bancorp DE now owns 1,795 shares of the company’s stock worth $91,000 after acquiring an additional 197 shares during the period. Fifth Third Wealth Advisors LLC boosted its holdings in Core & Main by 4.8% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 5,616 shares of the company’s stock valued at $286,000 after purchasing an additional 258 shares in the last quarter. Avior Wealth Management LLC increased its position in Core & Main by 51.3% during the 4th quarter. Avior Wealth Management LLC now owns 799 shares of the company’s stock worth $41,000 after purchasing an additional 271 shares during the period. Quadrant Capital Group LLC increased its position in Core & Main by 30.1% during 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 period. Finally, CIBC Asset Management Inc raised its stake in shares of Core & Main by 5.1% during the 4th quarter. CIBC Asset Management Inc now owns 5,871 shares of the company’s stock worth $299,000 after buying an additional 287 shares in the last quarter. Institutional investors and hedge funds own 94.19% of the company’s stock.

Insiders Place Their Bets

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 shares were 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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO John Weldon Stephens sold 10,214 shares of Core & Main stock in a transaction that occurred on 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 $218,442.40. This represents a 71.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,045 shares of company stock worth $3,683,698. Insiders own 3.49% of the company’s stock.

Wall Street Analyst Weigh In

CNM has been the topic of a number of analyst reports. Royal Bank of Canada decreased their price target 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. Robert W. Baird reduced their target price on Core & Main from $66.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, March 26th. Deutsche Bank Aktiengesellschaft started coverage on shares of Core & Main in a research report on Tuesday, April 1st. They set a “buy” rating and a $60.00 target price on the stock. Finally, Wells Fargo & Company increased their price target on shares of Core & Main from $62.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.55.

Core & Main Stock Up 3.1%

CNM opened at $54.14 on Friday. 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 cap of $10.71 billion, a price-to-earnings ratio of 25.42, a PEG ratio of 2.61 and a beta of 1.04. Core & Main, Inc. has a one year low of $37.22 and a one year high of $61.33. The business’s fifty day moving average is $49.85 and its two-hundred day moving average is $50.43.

Core & Main (NYSE:CNM) last released its quarterly earnings results on Tuesday, March 25th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.67 billion. Core & Main had a return on equity of 24.71% and a net margin of 5.71%. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. During the same period last year, the firm earned $0.34 EPS. Analysts anticipate that Core & Main, Inc. will post 2.16 EPS for the current fiscal year.

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.